Storage container and portable accommodation specialist Mobile Mini was sold in a £335m deal to a modular buildings specialist.
It follows a decision by Mobile Mini UK's US parent WillScot Mobile Mini Holdings to concentrate its efforts on its native North American market. Buyer Modulaire Group, which provides a range of services and infrastructure, says the move will strengthen its UK presence, bringing on board the Stockton-based firm's 16 branches and 375 staff.
The acquisition is subject to UK regulatory approval and the proceeds will fund US group's operations. The deal is expected to complete in early 2023. Brad Soultz, chief executive officer of WillScot Mobile Mini Holdings, said: "Thank you to the Mobile Mini UK team for their dedication to WillScot Mobile Mini Holdings. This transaction and the previously completed divestiture of the Tank & Pump segment will complete the transition of our portfolio into a pure play provider of modular space and storage solutions in North America, where our industry-leading platform enjoys unparalleled scale benefits and allows us to deliver greater value to our customers and shareholders."
