MGRC - McGrath buys Vesta Modular and disposes Adler Tank Rentals
- McGrath RentCorp ( NASDAQ: MGRC ) on Wednesday said it bought Vesta Modular, a portfolio company of Kinderhook Industries, for $400 million cash, and sold Adler Tank Rentals to Ironclad Environmental Solutions for $265 million.
- Both transactions were completed simultaneously on February 1, 2023.
- As a result of the two transactions, McGrath said it expects a net cash outflow of about $165 million, inclusive of estimated $30 million of reimbursable rental equipment capital expenditures.
- The transaction was funded through the company’s existing revolving credit facility.
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McGrath buys Vesta Modular and disposes Adler Tank Rentals