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LIVERMORE, Calif.--(BUSINESS WIRE)--Apr 3, 2023--
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230331005322/en/
CONTACT: Keith E. Pratt
EVP & Chief Financial Officer
925-606-9200
KEYWORD: CALIFORNIA SOUTH CAROLINA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY BUILDING SYSTEMS
SOURCE: McGrath RentCorp
Copyright Business Wire 2023.
PUB: 04/03/2023 04:01 PM/DISC: 04/03/2023 04:01 PM
http://www.businesswire.com/news/home/20230331005322/en