WILLSCOT HOLDINGS Business Summary

WillScot Holdings Corp (WSC) operates a high-margin, recurring revenue model centered on the long-term leasing of modular space and portable storage solutions across North America. The company’s primary business segments include Modular Space Leasing, which provides temporary offices, classrooms, and complexes, and Portable Storage Leasing, offering secure onsite containers. A critical growth engine is its Value-Added Products and Services (VAPS) segment, which generates high-density revenue by outfitting leased units with turnkey furniture, technology, and utility packages. Following its 2024 brand unification and the 2020 merger with Mobile Mini, the company has solidified its position as the dominant market leader in the specialty rental sector. It competes directly with United Rentals, Herc Holdings, and McGrath RentCorp, distinguishing itself through a superior fleet scale of over 350,000 units and a comprehensive "Right From the Start" service model that captures a larger share of project lifecycles than traditional equipment-only providers. The leadership team is led by Chief Executive Officer Timothy D. Boswell, who assumed the role on January 1, 2026, after a successful tenure as President and COO; his pedigree includes senior roles at Sterling Partners and Banc of America. He is supported by Executive Vice President and CFO Matthew T. Jacobsen, a former Deloitte auditor who has been integral to the company’s financial planning since 2010. The governance structure is further strengthened by Executive Chairman Worthing Jackman, previously the CEO of Waste Connections, and Lead Independent Director Jeff Sagansky. While the company’s legacy dates back to the 1940s founding of Williams Mobile Offices by the Williams family, its current scale was forged through the 2020 merger with Mobile Mini, originally founded by Richard Bunger. Notable institutional backing includes TDR Capital, Vanguard, and JPMorgan, reflecting a shareholder base focused on the company’s robust free cash flow and market-leading position.