McGrath Acquires Colorado-Based Container Rental Company
March 02 2023 - 4:01PM
Business Wire
McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq:
MGRC), a leading business-to-business rental company in North
America, today announced it has acquired the assets of Brekke
Storage, a regional provider of portable storage solutions in the
Colorado market. The transaction was funded with borrowings from
McGrath’s revolving credit facility. The acquisition adds
approximately 2,700 assets and a new branch location for McGrath’s
portable storage operations.
“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.”
ABOUT MCGRATH:
McGrath RentCorp (Nasdaq: MGRC) is a leading
business-to-business rental company in North America with a strong
record of profitable business growth. Founded in 1979, McGrath’s
operations are centered on modular solutions through its Mobile
Modular and Mobile Modular Portable Storage businesses.
In addition, its TRS-RenTelco business offers electronic
test equipment rental solutions. The Company’s rental product
offerings and services are part of the circular supply economy,
helping customers work more efficiently, and sustainably manage
their environmental footprint. With over 40 years of experience,
McGrath’s success is driven by a focus on exceptional customer
experiences. This focus has underpinned the Company’s long-term
financial success and supported over 30 consecutive years of annual
dividend increases to shareholders, a rare distinction among
publicly listed companies.
Headquartered in Livermore, California. Additional information
about McGrath and its businesses is available at mgrc.com and
investors.mgrc.com.
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Keith E. Pratt EVP & Chief Financial Officer
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McGrath RentCorp (NASDAQ:MGRC)
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