{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-23-001589","form_type":"8-K","ticker":"MGRC","cik":"0000752714","company_name":"MCGRATH RENTCORP","filed_at":"2023-02-01T23:59:59+00:00","discovered_at":"2026-05-14T18:03:47.985828+00:00","generated_at":"2026-06-20T04:23:01.693440+00:00","sec_items":["1.01","2.01","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"McGrath buys Vesta Modular for $400M, sells Adler Tank for $265M to focus on modular","bullets":["Sold Adler Tank to Ironclad for $265M (7.1x adj. EBITDA); acquired Vesta Modular for $400M (7.7x FY2022 EBITDA net of synergies).","Vesta: ~6,000 units, $129M revenue, $40M TTM EBITDA; expects $8M annual run-rate synergies by 2024.","Net cash outflow ~$165M incl. $30M reimbursable capex; leverage 2.1x adj. EBITDA; modular revenue mix to rise to 80%.","Both transactions closed Feb 1, 2023, financed under McGrath's existing revolving credit facility."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-23-001589","json":"https://secwatch.observer/filing/0000950170-23-001589.json","markdown":"https://secwatch.observer/filing/0000950170-23-001589.md","text":"https://secwatch.observer/filing/0000950170-23-001589.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/752714/000095017023001589/0000950170-23-001589-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/752714/000095017023001589/mgrc-20230201.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-20T04:23:01.693440+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0877fc2d8bc106d2a93fec0773396fe8c3cc0e43","claim":"MCGRATH RENTCORP completed an acquisition involving Vesta Housing Solutions Investor, LLC for $400 million (closed 2023-02-01).","evidence_excerpt":"On February 1, 2023, the Company entered into a stock purchase agreement (the “ Vesta SPA ”) with Vesta Housing Solutions Investor, LLC, a Delaware limited liability company (“ Vesta Seller ”), and Vesta Housing Solutions Holdings, Inc., a Delaware corporation (“ Vesta ”), providing for the purchase by the Company of all of the fully diluted issued and outstanding equity interests of Vesta for a purchase price of $400 million.","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/752714/000095017023001589/0000950170-23-001589-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"acquisition"},{"label":"Counterparty","value":"Vesta Housing Solutions Investor, LLC"},{"label":"Consideration","value":"$400 million"},{"label":"Closing","value":"2023-02-01"}],"fact_type":"ma_transaction"},{"claim_id":"99acca30a8512c0c3032f983bae1dfea199dd1f8","claim":"MCGRATH RENTCORP completed a disposition involving Ironclad Environmental Solutions, Inc. for $265 million (closed 2023-02-01).","evidence_excerpt":"On February 1, 2023, McGrath RentCorp (the “ Company ”) entered into an equity purchase agreement (the “ Adler EPA ”) with Adler Tank Rentals, LLC, a Delaware limited liability company (“ Adler ”), and Ironclad Environmental Solutions, Inc., a Delaware corporation (“ Ironclad ”) providing for the sale of all of the fully diluted issued and outstanding equity interests of Adler by the Company for a sale price of $265 million.","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/752714/000095017023001589/0000950170-23-001589-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"disposition"},{"label":"Counterparty","value":"Ironclad Environmental Solutions, Inc."},{"label":"Consideration","value":"$265 million"},{"label":"Closing","value":"2023-02-01"}],"fact_type":"ma_transaction"},{"claim_id":"1d32b7d3a663e6fcb96096753240fda1a58001af","claim":"MCGRATH RENTCORP entered into Adler Tank Rentals Equity Purchase Agreement with Adler Tank Rentals, LLC and Ironclad Environmental Solutions, Inc. valued at $265,000,000 (effective 2023-02-01).","evidence_excerpt":"On February 1, 2023, McGrath RentCorp (the “ Company ”) entered into an equity purchase agreement (the “ Adler EPA ”) with Adler Tank Rentals, LLC, a Delaware limited liability company (“ Adler ”), and Ironclad Environmental Solutions, Inc., a Delaware corporation (“ Ironclad ”) providing for the sale of all of the fully diluted issued and outstanding equity interests of Adler by the Company for a sale price of $265 million.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/752714/000095017023001589/0000950170-23-001589-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Adler Tank Rentals, LLC and Ironclad Environmental Solutions, Inc."},{"label":"Value","value":"$265,000,000"},{"label":"Effective","value":"2023-02-01"}],"fact_type":"material_agreement"},{"claim_id":"90459ab4eb217262543b2aa3b29ab990c03c6192","claim":"MCGRATH RENTCORP entered into Vesta Housing Solutions Stock Purchase Agreement with Vesta Housing Solutions Investor, LLC and Vesta Housing Solutions Holdings, Inc. valued at $400,000,000 (effective 2023-02-01).","evidence_excerpt":"On February 1, 2023, the Company entered into a stock purchase agreement (the “ Vesta SPA ”) with Vesta Housing Solutions Investor, LLC, a Delaware limited liability company (“ Vesta Seller ”), and Vesta Housing Solutions Holdings, Inc., a Delaware corporation (“ Vesta ”), providing for the purchase by the Company of all of the fully diluted issued and outstanding equity interests of Vesta for a purchase price of $400 million.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/752714/000095017023001589/0000950170-23-001589-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Vesta Housing Solutions Investor, LLC and Vesta Housing Solutions Holdings, Inc."},{"label":"Value","value":"$400,000,000"},{"label":"Effective","value":"2023-02-01"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}