Brent and Matthew Claymon, the entrepreneurs known for selling Pac Van Inc. for tens of millions of dollars in 2006, have sold another Indianapolis-based company that leases mobile offices and storage units.
Baltimore-based WillScot Corp. on Wednesday announced that it acquired Onsite Space LLC, which does business as Tyson Onsite, from the Claymons.
Tyson Onsite is a regional leader in the rental and sales of commercial modular buildings, mobile offices, portable classrooms and storage spaces. It services customers throughout the Midwest from its headquarters at 2301 S. Holt Road in Indianapolis and a branch office in St. Louis.
Terms of the deal were not disclosed. The company has about 50 employees.
WillScot, a public company, said the transaction was funded with cash on hand and borrowings under the company’s revolving credit agreement.
Tyson Onsite will be integrated into the national operations of WillScot, which has more than 100,000 modular space and portable storage units, nearly 100 rental locations and a customer base of about 35,000.
The acquisition increases WillScot’s space inventory by about 1,750 units.
The acquisition was WillScot's second in the past month. In early December, it bought Towson, Maryland-based Acton Mobile for $235 million in cash from Prophet Equity. That deal added about 20,000 office trailers, storage units and other modular spaces to WillScot's inventory.
“We are excited to announce the addition of Tyson Onsite to our company,” WillScot CEO Brad Soultz said Wednesday in written comments. “Tyson Onsite is highly complementary to the Williams Scotsman market strategy and strengthens our position in key Midwestern markets. I am pleased to welcome Tyson Onsite employees to our company and look forward to the many growth opportunities ahead.”
In conjunction wit the deal, Tyson Onsite’s Holt Road office facilities were sold by the Claymons to an unrelated buyer and will be leased to WillScot, the companies said.
Tyson Onsite was founded as Tyson Corp. in 1967 by Ray Tyson and was sold in 2000 to an individual investor. The Claymons purchased the assets of Tyson in 2012 and rebranded the business as Tyson Onsite.
William Claymon, along with his sons Brent, Matthew and Scott, started Pac-Van Inc. in 1993 and built it into one of the area’s fastest-growing companies.
Pac-Van made the Inc. 500 list of fastest-growing companies several times and ended 2005 with revenue of $51 million and 180 employees before the Claymons sold the business the following year.
California-based Mobile Office Acquisitions bought Pac-Van from the Claymons in August 2006. Nearly two years later, Mobile Office Acquisitions sold the company to General Finance Corp. of Pasadena, Calif., in a deal valued at $158.8 million.
In the latest deal, the Claymons said they were advised by Periculum Capital Co., Barnes & Thornburg, Valeo Financial Advisors, National Bank of Indianapolis, and Katz, Sapper & Miller.