WillScot sells UK storage arm

By Belinda Smart14 December 2022

North American modular accommodation and storage specialist WillScot Mobile Mini has agreed to sell its UK storage business to Algeco for £335 million (€390 million).

Proceeds from the divestiture of its UK storage arm will support the growth of WillScot Mobile Mini’s North American modular and storage business. Photo: WillScot Mobile Mini.

Algeco is part of the Modulaire Group, the portable accommodation rental businesss operating in Europe and Asia Pacific.

Algeco has one of the largest fleet of accommodation units in the UK, operating from 23 hubs nationwide.

WillScot said the sale proceeds will support growth investments in its North American Modular and Storage operating segments and other capital allocation priorities.

CEO Brad Soultz said the sale completes the company’s transition “into a pure play provider of modular space and storage solutions in North America” following the recently completed sale of its Tank & Pump segment to Kinderhook Industries, LLC an American private equity firm, completed in the third quarter of 2022.

WillScot has been growing its North American Modular and Storage business, largely through acquisitions, in recent times.

Algeco’s UK business operates from 23 hubs nationwide. Photo: Algeco.

Acquisitions include Massachusetts Modulease Corporation in July, while the company completed over 20 acquisitions in 2022, including the purchase of Elite Modular Leasing and Sales in California mid-year. 

Soultz confirmed WillScot will provide 2023 financial guidance excluding the UK Storage segment during the Q4 2022 earnings call in early 2023.

Completion of the transaction is subject to regulatory approval in the United Kingdom and is expected to close in the first quarter of 2023.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
New partnerships expands Easy Lift revenue
Spider lift producer points to succesful dealer partnerships and continued growth in Italian rental market 
REIC seals Illinois acquisition
Rental company signs deal for dehumidification and heating specialist
Palazzani ups capacity and working areas
Models see overhaul of capacities and new stabilisation system 
CONNECT WITH THE TEAM
Ollie Hodges Publisher Tel: +44 (0)1892 786253 E-mail: ollie.hodges@khl.com
Belinda Smart
Belinda Smart Editor Tel: 44 (0)1892 786209 E-mail: belinda.smart@khl.com
CONNECT WITH SOCIAL MEDIA