Skip to content

Allen & Overy Advises WillScot Corporation on Completed $1.2 billion Acquisition of Modular Space Holdings, Inc.

Related people
Schwitter William
William Schwitter

Partner

New York

View profile →

Pellegrino Jeffrey
Jeffrey Pellegrino

Partner

New York

View profile →

Troy Beth
Beth Troy

Partner

New York

View profile →

Travis Sarah
Sarah Travis

Senior Counsel

New York

View profile →

Bolognese Joseph
Joseph Bolognese

Associate

New York

View profile →

Spencer Devin
Devin Spencer

Associate

New York

View profile →

Elaine Johnston

Partner Co-Head Antitrust

New York

View profile →

Image of Puja Patel
Puja Patel

Associate

New York

View profile →

Keren Livneh

Associate

New York

View profile →

Lewis Dave
Dave Lewis

Partner

New York

View profile →

Schultz Brian
Brian Schultz

Associate

New York

View profile →

Hibbard John
John Hibbard

Associate

New York

View profile →

Jebb Brian
Brian Jebb

Partner

New York

View profile →

Albert Amanda
Amanda Albert

Senior Counsel

New York

View profile →

Rouslin Lawrence
Lawrence Rouslin

Senior Counsel

New York

View profile →

Rivlin Ken
Ken Rivlin

Partner

New York

View profile →

Masters Stephanie
Stephanie Masters

Associate

New York

View profile →

15 August 2018

NEW YORK – Allen & Overy represented WillScot Corporation (the “Company”) with respect to its completed acquisition (the “Acquisition”) of Modular Space Holdings, Inc. (“MS Holdings”), the parent holding company of Modular Space Corporation (d/b/a “ModSpace”), for a total purchase price of approximately $1.2 billion.

Allen & Overy also represented the Company in connection with the financings required to consummate the acquisition. 

As a result of the Acquisition, the Company now manages over 160,000 modular space and portable storage units, serving an ever broader customer base from over 120 locations across the United States, Canada and Mexico.

The Allen & Overy key team advising the Company was led by partners Bill Schwitter, Jeff Pellegrino and Michael Chernick in New York with significant support from Beth Troy, Sarah Travis and Jaimie Hughey and with Joe Bolognese, Marc Van Heerden, Gina Lee, Devin Spencer, and Nitzan Weizmann assisting in all aspects of the transaction.

M&A support included Elaine Johnston and Puja Patel (both Antitrust), Keren Livneh (IP), Dave Lewis, Brian Schultz and John Hibbard (all Tax), Brian Jebb and Amanda Albert (both Employment), Larry Rouslin (Real Estate), and Ken Rivlin and Pierce Young (both Environmental).

In connection with the financing of the Acquisition, Allen & Overy advised the Company on: (i) its upsized underwritten public offering of a total of  9.2 million shares of its Class A common stock (including the exercise by the underwriters of their overallotment option) at a price to the public of $16 per share, led by partner Jeff Pellegrino with support from Sarah Travis and Joe Bolognese; (ii) amendments to an existing ABL credit facility including an increase in the revolving credit facility amount to $1.425 billion, consisting of a U.S. tranche of $1.285 billion and a Canadian tranche of $140.0 million, with an accordion feature allowing up to $1.8 billion of capacity, led by partner Michael Chernick with support from Jaimie Hughey and Zachary Frimet; (iii) a private placement of $300 million in aggregate principal amount of senior secured notes led by partner Jeff Pellegrino with support from Sarah Travis, Stephanie Masters, and Joe Bolognese; (iv) and a private placement of $200 million in aggregate principal amount of senior unsecured notes led by partner Michael Chernick, with support from Beth Troy, Jaimie Hughey, Zack Frimet, and Lucas Burbank.

 

About WillScot Corporation

Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies in the United States, Canada and Mexico. WillScot Corporation trades on the NASDAQ stock exchange under the ticker symbol "WSC." Williams Scotsman is a specialty rental services market leader providing innovative modular space and portable storage solutions across North America. Williams Scotsman is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and previous strategic acquisitions, its branch network includes over 120 locations, its fleet comprises nearly 160,000 modular space and portable storage units.