WSC - Silver Beech Capital - WillScot Mobile Mini:  Favorable Pricing Dynamics Are Likely To Continue

2024-05-15 23:05:00 ET

Summary

• WillScot Mobile Mini is the leading provider of portable and modular building units and storage space in North America.
• The company has a strong market position, with over 50% market share in its core modular unit product offering.
• WillScot's contracted, recurring revenues, embedded pricing power, and high returns on capital make it an attractive investment.

The following segment was excerpted from this fund letter.

WillScot Mobile Mini ( WSC )

We recently initiated a new position in WillScot Mobile Mini ("WillScot"). WillScot is the leading North American provider of portable and turnkey modular building units and storage space. WillScot's 156k modular units and 212k portable storage units are leased to a diverse 80k+ customer base across industrial, infrastructure, education, government, and natural resources users. WillScot's modular products are depicted in Figure 1 below....

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