Mobile Mini, Inc. (Nasdaq GS:MINI) announced it has completed the purchase of the assets and operations of a portable storage business with operations in Daytona Beach, Florida. Financial terms of the transaction were not disclosed.
“We continue to make acquisitions in growth markets which fit into our strategy of acquiring highly utilized rental assets on very favorable terms,” said Erik Olsson, Mobile Mini President and Chief Executive Officer. “This acquisition will add units currently on rent at over 90% utilization to our existing footprint without adding any additional fixed costs.”
The fleet of the newly acquired business consists almost exclusively of containers.
Mr. Olsson continued, “We are executing on our dual growth strategy of focusing on both internal growth alongside acquisitions that add long term value to our business and our shareholders.”
Mobile Mini, Inc. is the world’s leading provider of portable storage solutions. Mobile Mini is included on the Russell 2000® and 3000® Indexes and the S&P Small Cap Index. For more information visit www.mobilemini.com.
Mobile Mini, Inc. (Nasdaq GS:MINI) announced it has completed the purchase of the assets and operations of two portable storage businesses with operations in Connecticut, Memphis, Tennessee and Dallas, Texas. Financial terms of the transactions were not disclosed.
“We continue to execute on our strategy of making acquisitions in growth markets where we can acquire highly utilized rental assets on favorable terms,” said Erik Olsson, Mobile Mini President and Chief Executive Officer. “Our expansion in Connecticut will help support growth in high population areas, while the acquisition of a portable storage business with operations in Memphis and Dallas will meaningfully increase our units on rent in those markets without adding significant costs.”
The two newly acquired businesses have a combined fleet of approximately 2,000 units comprised of containers and security offices with total utilization of over 80%.
Mr. Olsson continued, “We are executing on our growth strategy of focusing on internal growth along with strategic acquisitions and believe this will continue to add long-term value for our shareholders.”
Portable storage container company Mobile Mini has named Erik Olsson as its president and CEO.
Olsson succeeds Steven Bunger, who stepped down as chairman, president and CEO at the end of 2012. In October Mobile Mini Inc. said that lead independent director Michael Watts would become chairman once Bunger left the company.
Olsson, 50, served as president, CEO and a director at rental equipment provider RSC Holdings Inc. from 2006 until the company was acquired by United Rentals Inc. in April 2012. He previously served as RSC’s chief operating officer and chief financial officer.
Olsson will also serve as a Mobile Mini board member, pushing the board’s total back up to eight members.
Mobile Mini is based in Tempe.
Mobile Mini says Chairman, President and CEO Steven Bunger will step down from those posts at the end of the year.
Lead independent director Michael Watts will become chairman once Bunger departs. Watts has served as a board member since 2002 and became lead director in 2005.
The company, which sells and rents moving and storage units and mobile offices, said Tuesday that it has created a search committee to help find Bunger’s successor as CEO, with both internal and external candidates being considered.
Bunger has worked at Mobile Mini since 1983 and served in various roles. He became president and CEO in 1997 and became chairman in 2001.
Heidrick & Struggles has been hired to assist with the search process for a new CEO.
Mobile Mini Inc., which is based in Tempe, Ariz., says a new CEO is expected to be in place when Bunger departs or shortly after that.
Bunger said in a statement that he will help the new CEO over several months to ensure a smooth transition.
Shares of Mobile Mini rose 7 cents to $17.40 in afternoon trading. Its shares have traded in a range of $12.60 in late June to $23.08 in late February.