- WillScot Mobile Mini ( NASDAQ: WSC ) said Monday it will divest its tank and pump unit to private equity firm Kinderhook Industries for an enterprise value of ~$323M.
- Proceeds from the sale will be used for ongoing reinvestment in WSC's core modular and storage operating segments and other capital allocation priorities.
- Eric John, SVP of WSC's tank and pump segment, will serve as CEO of the new independent company.
- "...we expect to redeploy the proceeds to compound growth and returns in our core segments through organic reinvestment, continued tuck-in acquisitions, repurchases of stock, and de-leveraging within our target range," said WSC CEO Brad Soultz.
- "We expect to update our financial guidance upon closing of the transaction and anticipate any impact to Q3 operating results to be minimal," he added.
- The deal is is expected to close in Q3.
For further details see:
WillScot Mobile Mini to divest tank, pump unit for enterprise value of $323M