BERWYN, Pa., March 16, 2016 /PRNewswire/ -- Today, Modular Space Corporation (ModSpace) and Williams Scotsman International, Inc. (Williams Scotsman) announced the execution of a merger agreement to combine their North American Modular Space Operations. The transaction is expected to close in the second or third calendar quarter of this year subject to closing conditions including a capital raise, applicable regulatory clearances and other customary closing conditions.
This merger of equals will create a new company with approximately 150,000 units and 1,800 employees across the United States, Canada and Mexico. The combined company will be led by Chairman Gerry Holthaus and CEO Charles Paquin. Holthaus is the current Chairman of Algeco Scotsman, William Scotsman's parent company. Paquin is the current CEO of ModSpace and brings with him 20 years of executive leadership experience, with 15 years in the modular building industry.
Mr. Holthaus commented that "The combined company will capitalize on the complementary strengths and innovation expertise of the two companies, providing high quality products and services across diverse end markets and geographies. We are excited by the opportunity to combine the best practices and people across both organizations."
Mr. Paquin added, "We look forward to working together as one company. The merger will allow the company to enhance its product offerings and capital investment plans while building a world-class customer service platform."
This press release and other oral and written statements by representatives of ModSpace regarding matters such as the completion of the Merger, the completion of any related financings and the achievement of the expected benefits of any such transactions, including the combined company's expected cost synergies and future operational and financial performance, may be forward-looking statements. These statements are identified by words such as "future," "anticipate", "intend," "plan," "estimate," "believe," "expect," "project," "forecast," "could," "would," "should," "will," "may," and similar expressions of future intent or the negative of such terms. Although any such forward-looking statements reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements, including: the ability to complete the Merger and related transactions; the ability of management to integrate and realize synergies from the Merger; the terms of any financings related to the Merger; the condition of the global capital markets; global economic conditions, including in the oil and gas industry; changes in demand within key industry end-markets and geographic regions; the competitive environment in which the companies operate; changes in federal, state and local laws and regulations, including in state building codes; ability to tend to the combined companies' modular assets; changes in raw material and labor costs; ability to engage with manufacturers if existing relationships are discontinued; and ability to retain and recruit key personnel. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, ModSpace undertakes no obligation, and specifically declines any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Modular Space Corporation (ModSpace), based in Berwyn, Pa., is a leading provider of office trailers, portable storage units and modular buildings for temporary or permanent space needs. ModSpace serves a diverse set of customers and markets — including commercial, construction, education, government, healthcare, industrial, energy, disaster relief, franchise and special events — through an extensive branch network across the United States and Canada. For more information, visit www.ModSpace.com or http://blog.modspace.com.
SOURCE Modular Space Corporation