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Williams Scotsman acquires modular space company

Williams Scotsman, a Baltimore-based modular space rental company, has acquired a similar Midwestern company known as Tyson Onsite.

Financial terms were not disclosed.

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The deal expands Williams Scotsman’s reach to encompass Indianapolis-based Tyson Onsite’s Midwestern customers and adds 1,750 modular units to the Baltimore company’s fleet.

“Tyson Onsite is highly complementary to the Williams Scotsman market strategy and strengthens our position in key Midwestern markets,” said Brad Soultz, Williams Scotsman’s president and CEO, in a statement.

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The acquisition is Williams Scotsman’s second since it was acquired this fall by a shell public company and separated from its European parent company.

Double Eagle Acquisition Corp., a publicly traded Los Angeles investment firm owned by a pair of Hollywood executives, acquired Williams Scotsman for $1.1 billion in a deal that closed in November. Double Eagle was renamed WillScot Corp. and serves as the holding company for Williams Scotsman.

The move was intended to free Williams Scotsman to grow more quickly, by both organic growth and acquisitions.

“As we move forward in 2018, we continue to see excellent acquisition opportunities in our target markets and we are well positioned to further execute on our growth strategy,” Soultz said.

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In December, Williams Scotsman acquired the parent company of Towson-based Acton Mobile for $235 million.

Acton brought to the deal a fleet of 20,00 office trailers, storage units and other modular spaces.

Williams Scotsman has close to 100,000 modular space and portable storage units to provide temporary space for businesses in construction, education, health care and retail, among other sectors.

The company has a network of more than 100 locations and about 35,000 customers.

Shares of Williams Scotsman had slipped a nickel to close at $12.90 each Thursday before the Tyson deal was announced.

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