August 25, 2006—Williams Scotsman International, Inc., has completed acquisition of Madrid-based Wiron Construcciones Modulares, SA, one of the largest modular space providers in Spain. Wiron operates a national footprint of 14 branch locations, including a current total fleet of 13,600 mobile offices. The transaction includes both leasing and manufacturing operations.
In July 2004, Williams Scotsman made its first strategic investment in Europe by acquiring an 8.5 percent interest in Wiron. Williams Scotsman paid $48.3 million for the remaining 91.5 percent of Wiron making Williams Scotsman International the sole shareholder of the company. In addition, the Company assumed net debt of $21.7 million as part of the transaction. Wiron’s 2005 revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) were $30.4 million and $10.8 million, respectively, at current exchange rates.
“When presented with the opportunity to buy out the majority shareholder, we were excited to complete our acquisition of Wiron,” said Gerry Holthaus, Chairman, President, and CEO of Williams Scotsman International, Inc. “We view this as a further step toward expansion into the European marketplace, a long-standing goal of our company.”
For more information visit the Williams Scotsman Web site.
