McGrath makes Colorado move
By Murray Pollok09 March 2023
US portable accommodation and storage rental company McGrath RentCorp has acquired Brekke Storage, a regional portable storage company in Colorado.
The deal will adds approximately 2,700 units to McGrath’s fleet and a new branch location in Longmont, north of Denver.
The deal comes just over a month after McGrath announced it was to sell its US$100 million revenue Adler Tanks business to Ironclad Environmental Solutions, which is part of Kinderhook Industries, for $265 million.
At the same time as the divestmenrt, McGrath acquired from Kinderhook its Vesta Modular business for $400 million.
Vesta operates two divisions - Modular Space Leasing with a fleet of 6,000 units, and Modular Construction Services , which focuses on the design, manufacture and installation of modular buildings.
Kinderhook is the private equity business that also owns REIC, the fast-growing equipment rental business led by Kevin Fitzgerald.
Brekke was a family-owned company founded more than 30 years ago. The most recent CEO was Jerry Brekke, the son of the founder.
“The acquisition of Brekke Storage is highly complementary to our portable storage rental business,” said Joe Hanna, President and CEO of McGrath.
“Consistent with our ongoing capital deployment strategy, this opportunity provides us with a new regional operation and a high-quality fleet to serve the Colorado market. We welcome the Brekke team and look forward to growing our expanded regional market share with a new set of customers.”
McGrath’s business includes the Mobile Modular and Mobile Modular Portable Storage divisions, along with TRS-RenTelco, which rents electronic test equipment.