Mobile Mini Merger
10-K - Feb 25, 2022
On March 1, 2020, the Company, along with its newly formed subsidiary, Merger Sub, entered into the Merger Agreement with Mobile Mini, hereby referred to as the “Merger.” The Merger was completed o...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Willscot Holdings Corporation
WSCActiveCIK 1647088 · Business Services & Route-Based
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, WSC filings, SEC EDGAR
$5,086
Market cap ($MM)
$8,886
Enterprise value ($MM)
$2,271
Revenue · LTM ($MM)
$490
EBITDA · LTM ($MM)
22%
EBITDA margin
3.9x
EV / revenue
18.1x
EV / EBITDA
7.1x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01WSC is a scaled public consolidator in Route-Based, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is CTAS, ROL, ARMK, BRO, ABM, SCI.
Balance sheet & capacity
Indicative capacity read: 7.1x net debt / EBITDA with EBITDA of $490MM.
$16
Cash & equiv. ($MM)
$3,482
Total debt ($MM)
$3,467
Net debt ($MM)
7.1x
Net debt / EBITDA
Valuation
Where it trades against its peer set
WSC versus the scaled public Business Services & Route-Based comparables.
Indexed share-price performance
WSC versus available Business Services & Route-Based peers and SPY.
-11%
WSC
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Willscot Holdings Corporation | WSC | $2,271 | $490 | 22% | $5,086 | $8,886 | 3.9x | 18.1x | 7.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
WSC's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
34
Active years
7
Named deals
5
Avg / active year
4.9
Acq. cash outflow ($MM)
N/A
Banker read
- 01WSC reads as a programmatic acquirer: 34 disclosed acquisitions across 7 active years, or 4.9 per active year. The chart shows activity in 7 of the last 8 visible years.
- 02In the last three years, the file shows 9 acquisitions versus 21 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $2.6B of disclosed spend is concentrated in lumpy years, with FY17 the largest year at $1.4B. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
WSC count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
9 / 21
Last three years is down 57% vs prior three.
Peak count year
FY22
13 disclosed acquisitions in the peak visible year.
Recent spend
$828MM
is up 115% vs prior three; peak FY17 at $1.4B.
Named evidence
5 rows
15% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jul 1, 2020 | Mobile Mini | Business services and route-based compounders | $1,353 | On March 1, 2020, the Company, along with its newly formed subsidiary, Merger Sub, entered into the Merger Agreement with Mobile Mini, hereby referred to as the “Merger.” The Me... | 10-K† |
| Nov 29, 2017 | WSII | Business services and route-based compounders | $1,100 | On November 29, 2017, the legal predecessor company consummated the Business Combination pursuant to the terms of the Stock Purchase Agreement, dated as of August 21, 2017, as a... | 10-K† |
| Nov 29, 2017 | WSII | Business services and route-based compounders | $1,100 | On November 29, 2017, Double Eagle, the legal predecessor company, consummated the Business Combination pursuant to the terms of the Stock Purchase Agreement, dated as of August... | 10-K† |
| Dec 31, 2023 | Acquisitions of cold storage, modular space, and premium large clearspan structures businesses | Business services and route-based compounders | $412 | During 2023, we acquired a U.S. national provider of cold storage solutions, which consisted primarily of approximately 2,200 climate-controlled containers and refrigerated stor... | 10-K† |
| Dec 20, 2017 | Acton Mobile Holdings LLC | Business services and route-based compounders | $237 | On December 20, 2017, the Company acquired 100% of the issued and outstanding ownership interests of Acton Mobile Holdings LLC (“Acton”) for a cash purchase price of $237.1 mill... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 10 SEC-backed facts across 4 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
11
Named deal filings
4
Recent SEC filings
0
Evidence clips
5
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.11 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 19, 2026 | Annual M&A 10-K | quarantined (1 issue) | 3 | $145MM | $141MM | SEC filing |
| FY2024 | Feb 20, 2025 | Annual M&A 10-K | accepted | N/A | $121MM | $121MM | SEC filing |
| FY2023 | Feb 20, 2024 | Annual M&A 10-K | accepted | 4 | $562MM | $562MM | SEC filing |
| FY2022 | Feb 22, 2023 | Annual M&A 10-K | warning (1 warn) | 13 | $221MM | N/A | SEC filing |
| FY2021 | Feb 25, 2022 | Annual M&A 10-K | quarantined (1 issue) | 7 | $147MM | $147MM | SEC filing |
| FY2020 | Feb 26, 2021 | Annual M&A 10-K | accepted | 1 | $17.2MM | $1.4B | SEC filing |
| FY2019 | Mar 2, 2020 | Annual M&A 10-K | warning (1 warn) | 0 | N/A | N/A | SEC filing |
| FY2018 | Mar 15, 2019 | Annual M&A 10-K | warning (1 warn) | 2 | $1.1B | N/A | SEC filing |
| FY2017 | Mar 16, 2018 | Annual M&A 10-K | accepted | 1 | $237MM | $1.1B | SEC filing |
| FY2016 | Mar 16, 2017 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2015 | Mar 30, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.4 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 20, 2024 | 10-K | Acquisitions of cold storage, modular space, and premium large clearspan structures businesses | Annual M&ANamed deals | SEC filing |
| Feb 25, 2022 | 10-K | Mobile Mini | Annual M&ANamed deals | SEC filing |
| Mar 2, 2020 | 10-K | WSII; Acton Mobile Holdings LLC | Annual M&ANamed deals | SEC filing |
| Mar 16, 2018 | 10-K | WSII | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.5 rows+-
Medium
Business Combination with WSII
10-K - Mar 2, 2020
On November 29, 2017, the legal predecessor company consummated the Business Combination pursuant to the terms of the Stock Purchase Agreement, dated as of August 21, 2017, as amended on September ...
Business Combination pursuant to the Stock Purchase Agreement
10-K - Mar 16, 2018
On November 29, 2017, Double Eagle, the legal predecessor company, consummated the Business Combination pursuant to the terms of the Stock Purchase Agreement, dated as of August 21, 2017, as amende...
Acquisitions of cold storage, modular space, and premium large clearspan structures businesses
10-K - Feb 20, 2024
During 2023, we acquired a U.S. national provider of cold storage solutions, which consisted primarily of approximately 2,200 climate-controlled containers and refrigerated storage trailers, a regi...
Acton Acquisition
10-K - Mar 2, 2020
On December 20, 2017, the Company acquired 100% of the issued and outstanding ownership interests of Acton Mobile Holdings LLC (“Acton”) for a cash purchase price of $237.1 million.
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.