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WillScot Mobile Mini Holdings Corp. (WSC) is a leading provider of innovative and flexible turnkey temporary space and storage solutions. The company operates across diverse end markets throughout the United States, Canada, and Mexico, serving over 85,000 customers through a network of approximately 260 branch locations and additional drop lots. WSC primarily leases modular and portable storage units, complemented by value-added products and services, and also sells new and used units.
- Modular Space Leasing - Provides turnkey temporary modular space solutions for various applications.
- Portable Storage Leasing - Offers leasing of portable storage units for secure and convenient storage needs.
- Value-Added Products and Services (VAPS) - Includes furniture, steps, ramps, basic appliances, internet connectivity devices, integral tool racking, heavy-duty capacity shelving, workstations, electrical and lighting products, and other items used by customers in connection with the company's products.
- Other Leasing-Related Revenue - Involves damage billings, delinquent payment charges, and other processing fees.
- Delivery and Installation Services - Provides services related to the delivery and installation of leased units.
- New Unit Sales - Engages in the sales of new units.
- Rental Unit Sales - Involves the sales of rental units.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bradley L. Soultz ExecutiveBoard | Chief Executive Officer | Bradley L. Soultz has served as the Chief Executive Officer (CEO) of WillScot Mobile Mini since November 2017. He also serves as a non-independent director at WillScot Mobile Mini since 2017 and has previously held leadership roles at Williams Scotsman International Inc., Novelis Inc., and Cummins Inc.. | View Report → | |
Andrew Auns Executive | Senior Vice President of the Gulf South Division | Andrew Auns serves as the Senior Vice President of the Gulf South Division at WSC. No additional background, career history, or contribution details are available. | ||
Conrad Zils Executive | Vice President of Commercial Excellence | Conrad Zils is the Vice President of Commercial Excellence at WillScot Mobile Mini since late 2023. He spent 25 years with GE and Honeywell in commercial roles prior to joining WSC. | ||
Corey Salemi Executive | Vice President of Product Management | Corey Salemi is the Vice President of Product Management at WillScot Mobile Mini Holdings Corp since approximately 2019, having previously worked at Stanley Black & Decker, and is focused on driving innovation in product management. | ||
Darren Gould Executive | Senior Vice President Central Division | Darren Gould is currently Senior Vice President Central Division at WillScot Mobile Mini, with his executive role limited to this business unit. No further details about his career history or additional roles are provided. | ||
Felicia Gorcyca Executive | Executive Vice President – Chief Human Resources Officer (CHRO) | Felicia Gorcyca is the Executive Vice President – CHRO at WSC since June 2023; she has held several strategic HR leadership roles at companies such as LifeStance Health, TPG Capital, Stack Sports, Solera Holdings, and Spencer Stuart. | ||
Karan Oberoi Executive | Vice President of Strategy and Corporate Development | Karan Oberoi has been serving as Vice President of Strategy and Corporate Development at WSC for 15 years, being deeply involved in growth strategy and M&A pipeline initiatives. There is no information regarding any board memberships or previous external roles. | ||
Matt Jacobsen Executive | Chief Financial Officer | Matt Jacobsen serves as the Chief Financial Officer of WSC since January 1, 2025, after serving as Senior Vice President of Finance from July 2020 until his promotion; he has been with the company since November 2010. | ||
Mithat Sancar Executive | Senior Vice President of Shared Services | Mithat Sancar is the Senior Vice President of Shared Services at WSC, having joined in November 2024 to drive key integration and process improvements. His previous roles are not detailed in the documents. | ||
Som Das Executive | Senior Vice President of Logistics and Operations | Som Das is the Senior Vice President of Logistics and Operations at WillScot Mobile Mini Holdings Corp and was one of the presenters during a company event focused on optimizing the platform, driving growth, building the team, and delivering financial results. No further career details or start dates are available. | ||
Timothy D. Boswell Executive | President and Chief Financial Officer (CFO) | Timothy D. Boswell is the President and CFO at WillScot Mobile Mini, a role he has held since September 2021. He previously served as the Chief Financial Officer since November 2017. | ||
Erik Olsson Board | Non-Executive Chairman of the Board | Chairman of the Board, RB Global, Inc.; Board Member, Dometic Group AB; Board Member, St. Mary's Food Bank Alliance | Erik Olsson has served as the Non-Executive Chairman of the Board at WSC since October 1, 2019 and as an independent director since 2020. Previously, he held executive roles including serving as CEO of Mobile Mini and leadership roles at RSC Equipment Rentals. | |
Erika T. Davis Board | Independent Director | Erika T. Davis has been serving as an Independent Director at WillScot Mobile Mini (WSC) since 2022 and was appointed to the Compensation Committee in March 2023. She brings extensive experience from her previous roles at Performance Food Group and Owens & Minor, contributing significant expertise in human resources and operations. | ||
Gerard E. Holthaus Board | Lead Independent Director | Non-Executive Chairman of FTI Consulting; Non-Executive Chairman of the Baltimore Life Companies | Gerard E. Holthaus has served as Lead Independent Director at WillScot Mobile Mini since 2017 and previously served as Non-Executive Chairman at WillScot. He also holds external board roles at FTI Consulting and the Baltimore Life Companies. | |
Jeff Sagansky Board | Independent Director | Sharecare, Inc.; Screaming Eagle Acquisition Corp. | Jeff Sagansky has been an Independent Director at WSC since November 2017, serving as Chair of the Compensation Committee and as a member of the Nominating and Corporate Governance Committee, and he brings extensive expertise in mergers and acquisitions and capital markets. | |
Mark S. Bartlett Board | Independent Director | Lead Independent Director at Zurn Elkay Water Solutions Corp.; Director and Member of the Audit Committee at FTI Consulting, Inc.; Director, Chair of the Audit Committee, and Member of the Executive Compensation and Management Development Committee at T. Rowe Price Group, Inc. | Mark S. Bartlett has been an Independent Director at WSC since 2017 and currently serves as the Chair of the Audit Committee and a member of the Compensation Committee. He spent his entire career at Ernst & Young LLP, retiring as a partner in 2012, and is recognized as an 'audit committee financial expert' by the SEC. | |
Michael W. Upchurch Board | Independent Director | Michael W. Upchurch has served as an Independent Director at WSC since 2020 and previously served as Director of Mobile Mini (starting in February 2019) as well as CFO of Kansas City Southern from October 2008 until April 2023. | ||
Natalia Johnson Board | Independent Director | Chief Administrative Officer of Public Storage | Natalia Johnson joined the Board of Directors of WSC as an independent director in August 2023 and serves on both the Audit and Compensation Committees. | |
Rebecca L. Owen Board | Independent Director | Board member at Public Storage (NYSE: PSA); Carr Properties; The Feil Organization; Real Estate Investment Advisory Committee of ASB Capital Management, LLC | Rebecca L. Owen has served as an Independent Director at WSC since November 2021 and provides strategic guidance through her participation on the Compensation and Nominating & Corporate Governance Committees. She brings extensive expertise in governance, finance, and real estate to her role, while also holding active board positions at external organizations. | |
Worthing F. Jackman Board | Chairman of the Board | Director at Quanta Services, Inc.; Chairman of the Audit Committee at Quanta Services, Inc.; Investment Committee Member at Quanta Services, Inc. | Worthing F. Jackman is the Chairman of the Board at WSC, appointed effective following the 2025 Annual Meeting on March 23, 2025. He previously served as CEO, President, and CFO at Waste Connections, Inc. and has extensive board experience at Quanta Services, Inc.. | |
Brian Decker | No information available regarding Brian Decker's role, background, or career history at WSC as per the documents. | |||
Nicole Christian | The documents do not provide any details about Nicole Christian's current role, background, or contributions at WSC. |
- Given the continued decline in modular units on rent and uncertainty around when they will inflect into positive growth, what specific actions is management taking to stimulate demand and how confident are you that volumes will rebound in 2025?
- With the expansion in storage rates moderating towards year-end and demand being much weaker, how do you plan to sustain rate growth in storage, and what assumptions are included in your 2025 guidance regarding storage rates?
- Despite integrating the sales force and introducing new tools, execution has been mixed; how are you realigning KPIs and holding the sales team accountable to drive improved performance and capitalize on cross-selling opportunities, especially with enterprise accounts?
- The stall in Value-Added Products and Services (VAPS) penetration over the past four quarters raises concerns; what concrete steps will you take to reignite VAPS growth in 2025 and achieve your target rates?
- You reduced the share count by only 3% in 2024, below previous years, and paused buybacks recently; can you explain the reasons for slowing repurchases and whether we should expect buyback activity to pick up again in 2025?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Significant competitors include lessors of storage units, mobile offices, and other structures used for portable storage, as well as traditional commercial office space and conventional fixed self-storage facilities. Some of our competitors may have greater market share in certain geographic regions. | |
Significant competitors include lessors of storage units, mobile offices, and other structures used for portable storage, as well as traditional commercial office space and conventional fixed self-storage facilities. Some of our competitors may have greater market share in certain geographic regions. | |
ATCO Structures & Logistics | Significant competitors include lessors of storage units, mobile offices, and other structures used for portable storage, as well as traditional commercial office space and conventional fixed self-storage facilities. Some of our competitors may have greater market share in certain geographic regions. |
Satellite Shelters | Significant competitors include lessors of storage units, mobile offices, and other structures used for portable storage, as well as traditional commercial office space and conventional fixed self-storage facilities. Some of our competitors may have greater market share in certain geographic regions. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Local Storage and Modular Company (Q1 Acquisition) | 2024 | Acquired assets and liabilities of one local storage and modular company including approximately 60 storage units and 800 modular units for $43.4 million in cash (net of cash acquired), with rental equipment valued at $39.7 million. |
Local Storage and Modular Companies (Q2 Acquisition) | 2024 | Acquired assets and assumed liabilities of three local storage and modular companies comprising around 600 storage units and 800 modular units for $70.6 million in cash (net of cash acquired), with a fair value on rental equipment of $67.7 million. |
Local Storage, Modular and Premium Structures (Q3 Acquisition) | 2024 | Acquired assets and assumed liabilities of three local storage and modular companies plus one national provider of premium large clearspan structures involving about 600 storage units and 800 modular units for $84.5 million in cash (net of cash acquired), with rental equipment valued at $80.7 million. |
National Cold Storage Solutions Acquisition | 2023 | Acquired a national provider of cold storage solutions for $332.8 million in cash (net of cash acquired), along with approximately 2,200 climate-controlled containers and refrigerated storage trailers; the acquisition strategically complements modular/storage capabilities and expands service offerings. |
Regional Modular Space Manufacturing and Leasing Business Acquisition | 2023 | Acquired a regional modular space manufacturing and leasing business that included approximately 1,300 modular leasing units, with the total purchase price being part of a combined $332.8 million transaction; the purchase price is allocated among rental equipment, PP&E, operating lease assets, and goodwill supporting growth synergies. |
Regional and Local Storage and Modular Companies Acquisition (5 Companies) | 2023 | Acquired five regional and local storage and modular companies with approximately 1,800 storage units and 700 modular units for $149.4 million in cash (net of cash acquired), and the deal included $147.9 million of rental equipment and $4.5 million of land held for sale. |
Regional and Local Storage and Modular Companies Acquisition (2 Companies) | 2023 | Acquired assets and liabilities of two regional and local storage and modular companies featuring roughly 300 storage units and 500 modular units for $79.6 million in cash, with a reported impact of $70.4 million in rental equipment and $4.5 million in land held for sale in the financial statements. |
Several Smaller Entities Acquisition (Third Quarter) | 2022 | Acquired several smaller entities in Q3 2022 that provided approximately 7,600 storage units and 3,000 modular units for $104.7 million in cash, contributing to a consolidated $202.3 million in rental equipment on the financial statements. |
Several Smaller Entities Acquisition (First Six Months) | 2022 | Acquired smaller entities during the first six months of 2022 that included roughly 4,100 storage units and 1,400 modular units for $103.9 million in cash, also included in the consolidated $202.3 million rental equipment figure. |
Recent press releases and 8-K filings for WSC.
- Q1 results: Revenue declined 5% Y/Y to $560M with Adjusted EBITDA of $229M (40.9% margin), net income of $43M and diluted EPS of $0.23 .
- Reaffirmed full-year 2025 outlook with revenue guidance of $2.275B–$2.475B, Adjusted EBITDA of $1.0–$1.09B, and net CAPEX of $225–$305M .
- Delivered robust cash flow performance with $145M Adjusted Free Cash Flow at a 26% margin and maintained over $1.6B in available liquidity .
- Order book increased 7% YoY, supporting improved new lease activations in Q2, with recurring leasing revenues accounting for over 75% of total revenue .
- Returned $45M to shareholders through share repurchases and dividends .
- Adjusted EBITDA fell 8% Y/Y, driven by lower leasing volumes .
- SEC filing update: WillScot Holdings Corp filed an 8-K on March 26, 2025 reporting material events and financial updates, including corporate financing disclosures.
- Debt and redemption details: The report outlines key aspects of its senior secured notes, highlighting optional redemption rights, collateral provisions, and pricing schedules effective for future redemptions, with specific reference to its 6.625% Senior Secured Notes.
- WillScot Holdings Corp announced the pricing and planned issuance of $500.0 million senior secured notes due 2030, offered through its subsidiary Williams Scotsman, Inc.
- The net proceeds of approximately $493.5 million, along with an additional $33.0 million in borrowings, will be used to fund the redemption of its outstanding 6.125% senior secured notes due 2025
- The notes will be offered exclusively to qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S
- WillScot set strategic targets of $3B revenue, $1.5B Adjusted EBITDA, and $700M free cash flow over a 3–5 year horizon .
- CEO Bradley Soultz highlighted accelerated transformation achieving 5x revenue and 9x adjusted EBITDA growth since going public, driven by organic growth and successful M&A integrations .
- CFO Matt Jacobsen outlined plans to double free cash flow per share to approximately $6, reinforcing a balanced capital allocation strategy with dividends and share repurchases .
- The company emphasized a balanced capital allocation approach leveraging organic growth, selective M&A, and robust operational cash generation .
- Key operational enhancements include operational excellence through improved local market execution, new digital sales tools, digital innovation, and leadership upgrades to drive competitive performance .
- A focused M&A strategy featuring tuck‑in acquisitions and integrated operations was detailed to unlock growth opportunities in industrial B2B segments .
- Q4 2024 Financials: Reported overall revenue of $603M (with leasing revenue of approximately $612M ), generating an adjusted EBITDA of $285M at a 47.3% margin .
- Operational Performance: Achieved a gross profit margin of 55.8%, income from continuing operations of $89M, and diluted EPS of $0.48 .
- Full Year 2024 Highlights: Generated revenue of $2,396M and an adjusted EBITDA of $1,063M at a 44.4% margin, along with a share repurchase of 7.1M shares returning $270M to shareholders .
- Free Cash Flow & Balance Sheet Strength: Recorded a Q4 adjusted free cash flow margin of 23% and maintained stable net debt of around $1,063M at a 3.5x leverage ratio .
- 2025 Guidance: Projects revenue between $2,275M–$2,475M and adjusted EBITDA between $1,000M–$1,090M (midpoints of $2.375B and $1.045B) .
- Dividend Initiatives: Declared a $0.07 per share dividend with a dividend program launching in Q1 2025 .
- Strategic Enhancements: Executed integrations of systems and sales teams with enhanced digital marketing tools while ramping up new product lines (including cold storage and clearspan offerings) for organic growth .