TEMPE, Ariz.--(BUSINESS WIRE)--Mobile Mini, Inc. (Nasdaq:MINI) today 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.
Mr. 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.”
About Mobile Mini
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.
Forward Looking Statements
This news release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current information and expectations, which involve a number of risks and uncertainties that could cause actual results to differ materially. The forward-looking statements herein include statements regarding the company’s ability to grow and the company’s plans and expectations regarding expansion, future results, business strategy, and objectives of management for future operations. In particular, these risks and uncertainties include difficulties in integrating the acquired operations; the possibility that expected growth and value will not be realized; and the uncertainty of business/economic conditions and the related growth trends. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “will,” “expand,” “establish,” “expect,” “intend,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology and expressions to identify forward-looking statements. Therefore the company cautions you to not unduly rely on these forward-looking statements and encourages you to understand the risks and uncertainties described herein and as stated in the “Risk Factors” and elsewhere in the company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission.