WillScot Corporation (NASDAQ:WSC) ("Williams Scotsman") today announced that it has entered into a definitive agreement whereby Williams Scotsman International, Inc. will acquire the entity that owns Acton Mobile (ActonMobile.com) from Prophet Equity for a cash purchase price of $235 million, subject to customary adjustments.
Brad Soultz, president and chief executive officer of Williams Scotsman, commented, "We are excited to welcome Acton to the Williams Scotsman family. Acton shares our core values, and is highly complementary to our business. The acquisition better positions Williams Scotsman to provide our Ready to Work solutions on a greater scale and will create further opportunities for our employees, customers and vendors."
Mr. Soultz continued, "Our strategic priorities remain focused on driving growth and achieving measurable shareholder value creation through the pursuit of targeted acquisitions. We believe this transaction is a tremendous opportunity for our stakeholders, and I look forward to working with the Acton team to help Williams Scotsman achieve even greater success."
As a result of the acquisition, Williams Scotsman will have nearly 100,000 modular space and portable storage units serving approximately 35,000 customers from over 100 locations across the United States, Canada and Mexico. Williams Scotsman expects to expand the breadth and depth of its Ready to Work services to existing and incremental customers and markets as a result of the transaction. The acquisition is also expected to generate significant cost savings through operational efficiencies and sourcing initiatives.
"This transaction strengthens our commitments to our existing customers as well as our employees," said Ingrid West, Acton Mobile's president. "This transaction gives us the ability to further serve the expanding market for mobile offices and drive significant growth in 2018. Since our founding almost 50 years ago, Acton Mobile has been passionate about delivering products that enhance the customer experience. Brad and his team are uniquely talented to carry that passion forward and more importantly, I believe that they have the vision and operational experience to maximize exciting growth opportunities in the near and long-term."
The transaction, which Williams Scotsman will fund with cash on hand and borrowings under its revolving credit agreement, is expected to close in December 2017. The transaction is subject to customary closing conditions.