WillScot is the largest provider of modular space and portable storage rentals in North America, operating roughly 260 branch locations and serving over 85,000 customers across end markets led by commercial and industrial (~43% of revenue) and construction and infrastructure (~42% of revenue). WillScot rents modular units — from small mobile offices to large multi-story complexes — and portable storage containers, with both product lines available on flexible monthly lease agreements. Units arrive fully equipped ("turnkey"), and WillScot bundles value-added products (VAPS) such as furniture, HVAC upgrades, connectivity, and security systems onto leases, which currently represent ~17% of revenue and are a key driver of revenue per unit. Over 90% of orders are standard leases, and despite short initial contractual terms, the average effective lease duration is ~42 months, producing recurring, predictable cash flows. WillScot's modular units have 20+ year useful lives and storage containers have 30-year lives, both with residual values above 50%, making the asset model capital-efficient. WillScot's growth strategy focuses on expanding enterprise accounts in underpenetrated verticals, increasing VAPS penetration toward 20-25% of revenue, scaling newer categories like climate-controlled storage and FLEX modular units, and pursuing tuck-in M&A — having completed ~40 acquisitions totaling ~$4.9B in enterprise value since 2017. WillScot also launched a network optimization plan in 2025 to exit excess real estate and abandon surplus fleet, targeting $25M-$30M in annual real estate cost savings.