Mobile Mini (NASDAQ: MINI) is an American portable storage company based in Tempe, Arizona, where it was founded in 1983. Their products provide temporary storage for customers such as small businesses.
The company manufactures, leases, sells, and transports welded steel cargo containers. These units are converted into storage units, guard shacks, and offices. The lengths of the units are 5 to 45 feet long. Customers cusomize with up to 100 different configuration options. Mobile Mini's total lease fleet of approximately 235,000 portable storage and office units.
The company has 136 locations throughout the United States, Canada and the United Kingdom. The company had a market capitalization of about US$580 million as of June 2010, with revenues of about $370 million in 2009. Mobile Mini has grown quickly in the 2000s because of a "diverse customer base, aggressive marketing and variety of storage containers".
Mobile Mini, or as it was first called, Mobile Mini Storage Systems was founded in 1983 by our former President and CEO Richard Bunger, selling storage containers to construction companies and manufacturers. By 1986, the company had started expanding into greater markets along the west coast, such as Tucson and Los Angeles.
In the 1990s, Bunger begins manufacturing containers at the Phoenix location, to supply to the shortage in cargo storage containers. The first “bi-cam locking system” is developed in the early 1990s, providing better security than most storage containers. The company grew. Mobile Mini, Inc. went public in 1994. Steve Bunger and CFO Larry Trachtenberg begin leasing and marketing more.
In the 2000s, Mobile Mini designs their Tri-Cam Locking System. The company buys National Storage Containers for $25 million and GE’s east coast rental fleet. In 2004, Mobile Mini acquires Royal Wolf in UK. The company partnered with Habitat for Humanity in 2005. Mobile Mini provides the charity with millions in resources. Mobile Mini containers are used at construction sites. In 2008, the company merges with The Mobile Storage Group.