- WillScot Mobile Mini Holdings Corp. WSC has agreed to divest its Tank and Pump segment to private equity firm Kinderhook Industries for an enterprise value of ~$323 million.
- The company intends to use the proceeds to support ongoing reinvestment in its core Modular and Storage operating segments and other capital allocation priorities.
- WSC expects to close the transaction in 3Q22. Eric John, SVP of the Tank and Pump segment, will serve as the CEO of the newly independent business.
- CEO Brad Soultz commented, "We expect to update our financial guidance upon closing of the transaction and anticipate any impact to our third quarter of 2022 operating results to be minimal."
- WillScot held cash and equivalents of $11.71 million as of June 30, 2022.
- Price Action: WSC shares are trading lower by 0.66% at $41.17 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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