Since our founding in 1979, McGrath RentCorp has expanded significantly into new markets and geographies, while remaining true to our core specialty, business-to-business rentals.
McGrath RentCorp was founded by Bob McGrath in March in a small two-acre inventory center in San Leandro, California; his goal was to hire good employees, provide a supportive and friendly work environment, and instill integrity into all transactions.
Mobile Modular expanded by opening a Southern California Mobile Modular location in January. The company was still not profitable with rental revenues of $25,000 a month, but expectations were high.
Acquired fleet of about 300 modular buildings in March from Pacific Building Systems in Southern California and Houston, Texas. Opened Houston office. Bought Mobile Facilities Leasing in November, adding about 650 modular buildings. Dennis Kakures, McGrath RentCorp’s current President & CEO, came to us in this acquisition.
Became a publicly traded company in May (NASDAQ: MGRC) in order to finance our entry into the electronic test equipment rental business. Initial stock price: $6.00 per share.
Purchased Space Company, adding about 1,600 modular buildings; completed a secondary stock offering at $14.00 per share. We have split the stock several times since then.
Began an initiative to purchase the land that we use for our modular locations, acquiring 90 acres in Mira Loma, 50 acres in Houston and 137.5 acres in Livermore. Acquired majority interest in Enviroplex and expanded our electronic division by acquiring RenTelco in Dallas.
Expanded our electronic division with the acquisition of Technology Rental Services (TRS), and combined these divisions into TRS-RenTelco. Purchased 60 acres in Florida for Mobile Modular division expansion into that market.
Began renting environmental test equipment as TRS-Environmental and acquired Adler Tank Rentals with locations in Newark, New Jersey; Auburn, Massachusetts; Deer Park, Texas; and several smaller locations. Also launched Mobile Modular Portable Storage.
Continues to expand Adler Tank Rentals, Mobile Modular Portable Storage and Enviroplex into California and other states. Expanded our Electronics division into Malaysia, Mexico and India.