Hawaii Modular gets new owner
Williams Scotsman Inc. has acquired Honolulu-based Hawaii Modular Space and its sister company Alaska Modular Space for $42.5 million.
All 56 employees at Hawaii Modular Space will be retained by the Baltimore, Md.-based Williams Scotsman, according to Michele Cunningham, vice president of marketing and business development.
Cunningham declined to break down the amounts paid for the Hawaii company and its Alaska subsidiary.
Williams Scotsman will end up paying additional $3 million if certain undisclosed financial achievements are met.
The purchased assets include 1,300 modular units that include mobile offices, storage containers, classrooms and custom buildings, along with the related customer base.
Hawaii Modular, founded in 1987, is a licensed general contractor and distributor of mobile and modular buildings operating three branches across the state -- in Kapolei on Oahu, Kailua-Kona on the Big Island and Kahului, Maui.
When parts of the University of Hawaii Lab School burned down last year, for instance, it purchased custom-built units from Hawaii Modular as temporary classrooms.
"We view this latest acquisition as a further step toward an expanded platform of growth and opportunity into the U.S. marketplace, an ongoing goal of company," said Gerry Holthaus, chairman of Williams Scotsman.