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Company Broadens Reach in the U.S. Market with Acquisition Baltimore, MD - March 9, 2007 - Williams Scotsman, Inc. (NASDAQ: WLSC) announced today a definitive agreement to acquire the assets of Honolulu-based Hawaii Modular Space and its sister company, Alaska Modular Space for a purchase price of $42.5 million and additional payments totaling $3 million, subject to the acquired companies' achievement of certain financial targets. Hawaii Modular operates three branch locations across the state, while Alaska Modular manages operations based in Anchorage. The purchased assets include 1,300 units, consisting of mobile offices, storage containers, classrooms and custom modular buildings and the related customer base. With one of the fastest growing economies in the United States, Hawaii offers an attractive venue for the expansion of Williams Scotsman's market presence and business model. Hawaii Modular's customer base, products and services, and overall market position represent a well developed operation with sustainable competitive advantage. In addition, the company's market focus, product applications, and customer mix complement Williams Scotsman's existing mainland U.S. operations. Furthermore, the venture into Alaska creates a natural extension of Williams Scotsman's established workforce camp business in Western Canada. "We view this latest acquisition as a further step toward an expanded platform of growth and opportunity into the U.S. marketplace, an ongoing goal of our company," commented Gerry Holthaus, Chairman, President and CEO of Williams Scotsman, Inc. "We expect the financial impact of this transaction to be $0.03 to $0.04 accretive to our 2007 earnings per share guidance given during our February 9, 2007 earnings conference call." |