Exclusive: Former Starboard executive pushes for sale of Mobile Mini - sources

William Wyatt, Donerail Group, Mobile Mini, Starboard Value Lp, Portable

Exclusive: Former Starboard executive pushes for sale of Mobile Mini - sources

William Wyatt, Donerail Group

9/11/2019

Exclusive: Former Starboard executive pushes for sale of Mobile Mini - sources

REUTERS: The Donerail Group , an investment firm led by former activist hedge fund Starboard Value LP executive William Wyatt , has built a stake in ...

Share via E-Mail Bookmark REUTERS: The Donerail Group, an investment firm led by former activist hedge fund Starboard Value LP executive William Wyatt, has built a stake in Mobile Mini Inc and is pushing the world's largest provider of portable storage solutions to explore a sale, people familiar with the matter said on Wednesday. The position, Donerail's first major investment, comes at a time of leadership changes at Phoenix, Arizona-based Mobile Mini, which announced in May that CEO Erik Olsson will become chairman in October. He will be succeeded at the helm by the President and Chief Operating Officer Kelly Williams. Advertisement Advertisement Donerail has asked Mobile Mini to explore strategic alternatives, including a potential sale, given the fragmented nature of the portable storage sector, the sources said, requesting anonymity because the matter is confidential. It was not clear how Mobile Mini plans to respond. Mobile Mini, which has a market capitalization of US$1.5 billion and a debt pile of about US$900 million, did not immediately respond to a request for comment. Donerail, which was launched by Wyatt last year, declined to comment. Mobile Mini has a rental fleet of about 198,000 storage containers and office units, as well 12,700 liquid and solid containment units and pumps that it also rents out. The company has 155 locations in the United States, Britain and Canada. Mobile Mini's shares have lost 17per cent of their value in the last 12 months. The company's most recent quarterly earnings call in July said the business has been pressured by uncertainty fueled by Britain's protracted negotiations to cease membership of the European Union. Advertisement Advertisement Mergers and acquisitions in the storage sector have been on the rise. Last year, WillScot Corp, another U.S. warehousing and storage services company, acquired Modular Space Holdings Inc, a provider of office trailers, portable storage units and modular buildings, for US$1.2 billion. (Reporting by Greg Roumeliotis in New York; Editing by David Gregorio) Source: Reuters Read more: CNA

Lewis to step down as chief executive of All England Club in 2020REUTERS: Former British Davis Cup player Richard Lewis said on Tuesday he will step down as chief executive of the All England Club at Wimbledon ...

Tennis: Lewis to step down as chief executive of All England Club in 2020REUTERS: Former British Davis Cup player Richard Lewis said on Tuesday he will step down as chief executive of the All England Club at Wimbledon ...

4,000 flats launched in first HDB sales exercise with higher grants, raised income ceilingsSINGAPORE: More than 4,000 new flats were launched for sale on Wednesday (Sep 11), in the first sales exercise where buyers can benefit from ...

More than 4,000 flats launched in Sept sales exercise, first batch under new measures to support first-time buyersSINGAPORE — The Housing and Development Board (HDB) launched 4,089 flats for sale on Wednesday (Sept 11).

HDB launches 4,089 flats for sale, first batch under new measures to support first-time buyersSINGAPORE — The Housing and Development Board (HDB) launched 4,089 flats for sale on Wednesday (Sept 11).

Behind the company planning to build Singapore's first mobile air taxi portBehind the company planning to build the first mobile air taxi port in Singapore



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