McGrath Acquires South Carolina-Based Container Rental Company
April 03 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 Dixie
Temporary Storage, a regional provider of portable storage
solutions in the South Carolina market. The transaction was funded
with borrowings from McGrath’s revolving credit facility. The
acquisition adds approximately 800 assets and a new branch location
for McGrath’s portable storage operations.
“Our acquisition of Dixie Temporary Storage is highly
complementary to our portable storage rental business,” said Joe
Hanna, President and CEO of McGrath. “Consistent with our ongoing
capital deployment and geographic expansion strategies, this
opportunity provides us with a new regional operation and a
high-quality fleet to serve the South Carolina market. We welcome
the Dixie team and look forward to growing our expanding 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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