Williams Scotsman, Inc. (NASDAQ:WLSC) announced today a definitive
agreement to acquire the assets of Honolulu-based Hawaii Modular Space
and its sister company, Alaska Modular Space for a purchase price of
$42.5 million and additional payments totaling $3 million, subject to
the acquired companies' achievement of certain financial targets.
Hawaii Modular operates three branch locations across the state, while
Alaska Modular manages operations based in Anchorage. The purchased
assets include 1,300 units, consisting of mobile offices, storage
containers, classrooms and custom modular buildings and the related
customer base.
With one of the fastest growing economies in the United States,
Hawaii offers an attractive venue for the expansion of Williams
Scotsman's market presence and business model. Hawaii Modular's
customer base, products and services, and overall market position
represent a well developed operation with sustainable competitive
advantage. In addition, the company's market focus, product
applications, and customer mix complement Williams Scotsman's existing
mainland U.S. operations. Furthermore, the venture into Alaska creates
a natural extension of Williams Scotsman's established workforce camp
business in Western Canada.
"We view this latest acquisition as a further step toward an
expanded platform of growth and opportunity into the U.S. marketplace,
an ongoing goal of our company," commented Gerry Holthaus, Chairman,
President and CEO of Williams Scotsman, Inc. "We expect the financial
impact of this transaction to be $0.03 to $0.04 accretive to our 2007
earnings per share guidance given during our February 9, 2007 earnings
conference call."
About Williams Scotsman International, Inc.
Williams Scotsman International, Inc., through its subsidiaries,
is a leading provider of mobile and modular space solutions for
multiple industry sectors, including the Construction, Education,
Commercial, Healthcare and Government markets. The company serves over
30,000 customers, operating a fleet of over 115,000 modular space and
storage units that are leased through a network of more than 100
locations throughout North America and Spain. Williams Scotsman
provides delivery, installation, and other services, and sells new and
used mobile office products. Williams Scotsman also manages large
modular building projects from concept to completion. Williams
Scotsman is a publicly traded company (NASDAQ:WLSC) headquartered in
Baltimore, Maryland with operations in the United States, Canada,
Mexico, and Spain. The company was selected to NASDAQ's Global Select
Market for achieving high-quality listing standards among the
marketplace. For additional information, visit the company's web site
at www.willscot.com, call (410) 931-6066, or email to
Michele.Cunningham@willscot.com.
All statements other than statements of historical fact included
in this press release are forward-looking statements and involve
expectations, beliefs, plans, intentions or strategies regarding the
future. Although the Company believes that the expectations reflected
in these forward-looking statements are reasonable, it assumes no
responsibility for the accuracy and completeness of these
forward-looking statements and gives no assurance that these
expectations will prove to have been correct. Important factors that
could cause actual results to differ materially from the Company's
expectations are disclosed under "Risk Factors" and elsewhere in the
Company's 10-K, 10-Q and other SEC filings, including, but not limited
to, substantial leverage and its ability to service debt, changing
market trends in its industry, general economic and business
conditions including a prolonged or substantial recession, its ability
to finance fleet and branch expansion and to locate and finance
acquisitions, its ability to implement its business and growth
strategy and maintain and enhance its competitive strengths, intense
industry competition, availability of key personnel and changes in, or
the failure to comply with, government regulations. The Company
assumes no obligation to update any forward-looking statement.
