M&A - MCGRATH RENTCORP

Form Type: 10-Q

Filing Date: 2025-04-24

Corporate Action: Merger

Type: Update

Accession Number: 000095017025057987

Filing Summary: The quarterly report for McGrath RentCorp for the period ending March 31, 2025, details the financial performance and updates regarding its operations. Notably, it discusses the mutual termination of the merger agreement with WillScot Mobile Mini Holdings Corp, which was formally agreed upon on September 17, 2024. The termination was finalized with a significant cash payment of $180 million received by McGrath on September 20, 2024. Despite the termination, the company reported transaction costs associated with the merger amounting to $9.4 million for the three months ended March 31, 2024. The report also highlights operational results, noting a net income of $28.2 million for the quarter, compared to $22.8 million the previous year. Total revenues saw an increase to $195.4 million, primarily driven by steady rental revenues and services. The balance sheet reflects total assets of approximately $2.24 billion as of March 31, 2025, with significant rental equipment and cash balances, indicating a solid financial position post-merger negotiations.