M&A · Industrials · Services-Equipment Rental & Leasing, NEC
WillScot Mobile Mini Holdings Corp. to acquire McGrath Rentcorp
Announced Jan 29, 2024 · Terminated Sep 18, 2024
Deal value$3.80BEV $3.80B
Premium10.1%To unaffected price
EV / Adj. EBITDA12.3x4.6x EV / Revenue
ConsiderationCash and stock$123.00 per share
Transaction
- Acquirer
- WillScot Mobile Mini Holdings Corp. (WSC)
- Target
- McGrath Rentcorp (MGRC)
- Buyer type
- Strategic
- Offer price per share
- $123.00
- Enterprise value
- $3.80B
- Status
- Terminated Sep 18, 2024
Deal protections
- Break fee (target pays)
- $120M · 3.2%
- Reverse fee (buyer pays)
- $180M · 4.7%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 82 in the prior 24 months
- Premium
- 10.1% vs. 45.0% sector median
- EV / Adj. EBITDA
- 12.3x vs. 10.8x sector median
- Break fee
- 3.2% vs. 2.8% sector median
Timeline
- AnnouncedJan 29, 2024
- Proxy filedJun 10, 2024
- Definitive proxyJun 10, 2024
- Shareholder voteJul 11, 2024
- TerminatedSep 18, 2024
Valuation · fairness opinions
Discounted cash flow$100.00$127.00
Discounted cash flow$125.00$142.00
Future share price$107.00$128.00
Future share price$128.00$140.00
Precedent transactions$84.00$117.00
Offer $123.00
Implied value per McGrath Rentcorp share by analysis, from Goldman Sachs · DCF discount rate 8%–9%.