Mobile Mini, Inc. announced it has completed the purchase of the assets and operations of two portable storage providers located in North Dakota and North Carolina. Financial terms of the transactions were not disclosed.
“These acquisitions align with our growth strategy in geographic areas of opportunity where we can acquire high utilization rental assets on favorable terms,” said Erik Olsson, Mobile Mini President and Chief Executive Officer. “The expansion of our fleet in both North Dakota and North Carolina provides strategic opportunities by increasing access and availability for new and existing customers in these regions. We find the oil & gas driven market in North Dakota to be attractive and the newly acquired North Carolina units are over 95% utilized, both of which should provide consistent long-term returns.”
The two newly acquired businesses have a combined fleet of over 1,200 units which consists predominately of portable storage containers. Mobile Mini will not add any employees from either acquired business.
Olsson continued, “We are executing on our growth strategy by focusing on both organic growth along with strategic acquisitions and believe this will continue to add long term value for our shareholders.”