2023 M&A Annual Review 29 Morrison Foerster advised McGrath RentCorp, a leading business-to-business rental company, in connection with its $400 million acquisition of Vesta Modular, a provider of temporary and permanent modular buildings across North America to customers seeking classrooms, offices, and other specialty buildings, from Kinderhook Industries. Concurrently, we advised the company in connection with its sale of Adler Tank Rentals to Ironclad Environmental Solutions, a Kinderhook portfolio company, for $265 million. The acquired Vesta business expanded McGrath’s modular business geographic coverage and density, facilitating its reach to new customers and increasing its proportion of longterm contracts, and the concurrent sale of Adler Tank Rentals further focused the company’s strategic alignment within the modular business segment. McGrath RentCorp
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