MGRC - McGrath Acquires Colorado-Based Container Rental Company
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 Brekke Storage, a regional provider of portable storage solutions in the Colorado market. The transaction was funded with borrowings from McGrath’s revolving credit facility. The acquisition adds approximately 2,700 assets and a new branch location for McGrath’s portable storage operations.
“The acquisition of Brekke Storage is highly complementary to our portable storage rental business,” said Joe Hanna, President and CEO of McGrath. “Consistent with our ongoing capital deployment strategy, this opportunity provides us with a new regional operation and a high-quality fleet to serve the Colorado market. We welcome the Brekke team and look forward to growing our expanded 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 .
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Keith E. Pratt
EVP & Chief Financial Officer
925-606-9200