McGrath Rentcorp (MGRC) Acquires Modular Kitchen Rental Company

McGrath RentCorp (Nasdaq: MGRC) today announced it has acquired Kitchens To Go, a leader in both interim and permanent modular solutions for foodservice providers that require flexible facilities to continue or expand operations. The purchase will allow the Mobile Modular division of McGrath RentCorp to provide temporary and customized permanent foodservice facilities on a national level.

The purchase of Kitchens To Go fits into Mobile Modular’s product offering to expand capabilities to customers in education, commercial, healthcare, and hospitality industries that need flexible and comprehensive food service capabilities during expansions, renovations, new construction and disaster recovery.

“Our acquisition of Kitchens To Go is highly complementary to our modular building rental business,” said Joe Hanna President and CEO of McGrath RentCorp. “As we expand our ability to provide solutions to our customers, there are opportunities for us to serve businesses that have a temporary facilities need with their food service projects. I am pleased to welcome the team at Kitchens To Go as they have deep knowledge of the industry and a wonderful culture that will fit well with us. We now have another product line that is a logical adjacency to our core business and we look forward to growing it together.”

The transaction was funded with borrowings from McGrath RentCorp’s revolving credit agreement. Financial terms of the transaction were not disclosed. At this time the impact of the acquisition is not expected to materially impact 2021 financial outlook.

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