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WillScot Mobile Bolsters California Presence Through Acquisition
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WillScot Mobile Bolsters California Presence Through Acquisition

Modular space and portable storage solutions provider, WillScot Mobile Mini Holdings (WSC), acquired Elite Modular Leasing and Sales. This is WillScot’s second transaction this month. Earlier, it acquired Georgia Storage Containers’ rental fleet and associated assets.

With Elite Modular, WillScot added about 900 modular units to its operations in California.

Management Weighs In

The CEO of WillScot, Brad Soultz, commented, “The acquisition of Elite Modular expands our presence in California and adds particular expertise serving the public education sector.”

He added, “I have been impressed by the Elite team and their demonstrated success in competing in this market. As we continue to execute our growth strategy, I am excited to offer our diverse and fully turnkey offering to these new customers.”

WillScot funded this acquisition with cash on hand and a revolving credit facility.

Analyst’s Take

Berenberg Bank analyst Daniel Wang has reiterated a Buy rating on the stock alongside a price target of $52, implying a significant potential upside of 50.55%.

Overall, the Street also remains Bullish on the stock with a Strong Buy consensus rating based on seven unanimous Buys. The average WillScot price target of $46.43 implies a 34.42% potential upside. That’s on top of a 24.4% gain in the share price over the past 12 months.

Bloggers Remain Bullish

TipRanks data indicates blogger opinions and sentiment remain Bullish on WillScot, with 100% of blogger opinions being Bullish on WillScot compared to the industry average of 70%.

Closing Note

WillScot has been making strategic moves and, with these two acquisitions, has bolstered its operations in California and Atlanta while adding about 1,900 units to its operations. Additionally, Daniel Wang’s near 51% potential upside makes the stock even more attractive in the current environment.

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