Profile: General Finance Corp (GFN.O)

GFN.O on Consolidated Issue listed on NASDAQ Global Market

18 Dec 2014
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General Finance Corporation (GNF), incorporated on October 14, 2005, is a holding company that acquires and operates for businesses in the mobile storage container and modular space (portable services) industries. The Company does business in three industries: mobile storage, modular space and liquid containment, which it collectively refers to as the portable services industry. The Company's two operating subsidiaries, Royal Wolf and Pac-Van, lease and sell their products through 17 customer service centers (CSCs) in Australia, seven CSCs in New Zealand and 27 branch locations across 18 states in the United States and in Alberta, Canada. The Company's products primarily consist of Mobile Storage, Modular Space and Liquid Containment. In April 2014, the Company acquired affiliated companies, Lone Star Tank Rental LP, based in Kermit, Texas, and KHM Rentals, LLC, based in Kenedy, Texas.

The Company’s subsidiaries include GFN U.S. Australasia Holdings, Inc. (GFN U.S.), GFN North America Corp. (GFNNA), GFN Manufacturing Corporation (GFNMC), Royal Wolf Holdings Limited (RWH) and its Australian and New Zealand subsidiaries (collectively, Royal Wolf), Pac-Van, Inc., and its Canadian subsidiary, PV Acquisition Corp. doing business as Container King (collectively Pac-Van). The Company's storage products include general purpose dry storage containers, refrigerated containers and specialty containers in a range of modified sizes, designs and storage capacities. Specialty containers include blast-resistant units, hoarding units and hazardous-waste units. It also offers storage vans, also known as storage trailers or dock-height trailers. Freight containers are designed for transport of products by road and rail. The Company's freight container products include curtain-side, refrigerated and bulk cargo containers, together with a range of standard and industry-specific dry freight containers.

Mobile Offices, which are also known as trailers or construction trailers, are re-locatable units with aluminum or wood exteriors on wood (or steel) frames on a steel carriage fitted with axles, allowing for an assortment of add-ons to provide comfortable and convenient temporary space solutions. Portable container buildings and office containers are either modified or specifically-manufactured containers that provide self-contained office space with maximum design flexibility. Office containers in the United States are oftentimes referred to as ground level offices (GLOs).

Portable liquid storage tank containers are used for transport and in a range of industries, including oil and gas exploration and field services, refinery, chemical and industrial plant maintenance, environmental remediation and field services, infrastructure building construction, marine services, pipeline construction and maintenance, tank terminals services, wastewater treatment and waste management and landfill services. The Company is focusing on more common 500-barrel capacity containers. Its products include features, such as guardrails, safety stairways, multiple entry ways and a sloped bottom for easy cleaning, an epoxy lining, and various feed and drain lines.

Royal Wolf Holdings Limited

Royal Wolf is the provider in Australia and New Zealand of portable storage containers, portable container buildings and freight containers, which the Company refers to collectively as storage container products. Royal Wolf leases and sells storage container products through its 24 Customer Service Centers (CSCs) located in every state in Australia and in the North and South Islands of New Zealand. Royal Wolf's storage container products are used by a range of industries. The Company's storage container products provide secure, accessible temporary storage for a diverse client base of nearly 20,000 large and small customers who conduct business in industries that include mining, road and rail, construction, moving and storage, manufacturing, transportation, defense and in the support of small and medium-size entities (SMEs). The Company's customers use its products for a range of storage applications, including retail and manufacturing inventory, construction materials and equipment, documents and records and household goods.

Royal Wolf is the only storage container product company in Australia and New Zealand with both the national presence and product range capable of servicing all sectors of the domestic rental and sales market. The Company's key products include Mobile storage containers, portable building containers: buildings, freight containers. Royal Wolf leases and sells mobile storage containers, some of which are customized for specific customers, for on-site storage by customers. These customers include retail outlets and manufacturers, government departments, farming and agricultural concerns, building and construction companies, clubs and sporting associations, mine operators and the general public. Royal Wolf's products include general purpose dry storage containers, refrigerated containers and hazardous goods containers in a range of standard and modified sizes, designs and storage capacities. There were 23,855 mobile storage containers in the lease fleet, as of June 30, 2012.

Royal Wolf also leases and sells portable container buildings as site offices and for temporary accommodations. Royal Wolf customizes mobile storage container buildings for some customers. There were 3,294 portable container buildings in the lease fleet, as of June 30, 2012. Royal Wolf leases and sells freight containers designed for transport of products by road and rail. Customers include national moving and storage companies, distribution and logistics companies, freight forwarders, transport companies, rail freight operators and the Australian military. Royal Wolf's freight container products include curtain-side, refrigerated and bulk cargo containers, together with a range of dry freight containers. There were 9,348 freight containers in the lease fleet, as of June 30, 2012. Most of the Company's fleet consists of new and refurbished and customized storage containers, manufactured steel containers and record storage units, along with its freight and accommodation units.

Royal Wolf has a base of nearly 20,000 active customers. The Company's customer base includes the retail and manufacturing sectors, councils and government departments, the farming and agricultural community, the building and construction industry, clubs and sporting associations, the mining sector and the general public. Royal Wolf customers use its storage containers for a range of purposes, which include temporary storage of excess inventory for the retail and wholesale industries; offices, workshops or storerooms; portable work camps for the resources industry, including accommodations, ablution and kitchen containers; blast resistant containers for refineries, and farm storage for cattle feed, farm equipment, fertilizers and other items.

PV Acquisition Corp.

Pac-Van leases and sells storage, office and portable liquid storage tank containers, mobile offices and modular buildings to customers throughout a number of industries in North America through the Company's branch network of 27 locations in both the United State and Canada. Modular space includes mobile offices and modular buildings and involves the rental and sales of factory built structures and the delivery and installation of the equipment at customer properties. Liquid containment includes providing tank containers to store various liquids in a number of environmental and industrial applications. All of the Company's products service a range of industries, including construction, services, retail, manufacturing, transportation, mining and energy and government.

Storage containers also consist of domestic storage containers and include storage trailers. Storage containers vary in size from 10 feet to 48 feet in length, with 20-foot and 40-foot length containers being the most common. As of June 30, 2012, there were 5,247 storage containers in Pac-Van's lease fleet. Container offices are storage containers that have been modified to include office space. Floor plans can be either all office space or a combination of office and storage space. The office space includes features similar to those found in mobile offices. As of June 30, 2012, there were 1,272 container offices in Pac-Van's lease fleet. Sales and construction offices, also known as field offices, are factory built, single-unit structures that are relocatable and used primarily for temporary office space. These units are built on frames that are connected to axles and wheels and have either a fixed or removable hitch for easy transportation. As of June 30, 2012, there were 4,825 mobile offices in Pac-Van's lease fleet.

Modular buildings are factory-built, portable structures consisting of two or more floors and are used in a variety of applications, ranging from schools to restaurants to medical offices. As of June 30, 2012, there were 992 modular building units in Pac-Van's lease fleet. Portable liquid storage tank containers are manufactured steel containers with fixed steel axles for transport. The Company is focusing on the more common 500-barrel capacity. As of June 30, 2012, there were 55 portable liquid storage tank containers in Pac-Van's lease fleet. Pac-Van delivers and where necessary installs all four product lines directly to its customers' premises. Installation services range from leveling for portable storage to seaming and joining for modular buildings. Pac-Van will also provide skirting and ramps as needed by the customer.

Pac-Van provides ancillary products, such as steps, furniture, portable toilets, security systems, and other items to the Company's customers for their use in connection with its equipment. Pac-Van also offers its lease customers a damage waiver program that protects them in case the leased unit is damaged. Pac-Van complements its core leasing business by selling either existing rental fleet assets or assets purchased specifically for resale. As with the leasing business, Pac-Van provides additional services when selling units. These services range from delivery to full scale turnkey solutions. In a turnkey solution, Pac-Van provides not only the underlying equipment but also a full range of ancillary services, such as a foundation, specialty interior finishes, and landscaping, necessary to make the equipment fully operational for the customer.

Pac-Van provides delivery, site-work, installation and other services to the Company's customers as part of its leasing and sales operations. Revenues from delivery, site-work and installation result from the transportation of units to a customer's location, site-work required prior to installation and installation of the units which have been leased or sold. Pac-Van also derives revenues from dismantling and transporting units upon lease expiration. Pac-Van provides its portable storage, mobile office, modular building, and portable liquid storage tank products to a diversified base of approximately 8,100 national, regional and local companies in a variety of industries, including construction, industrial, manufacturing, mining and energy, education, service, and government sectors. Service customers include businesses that provide medical care or veterinary services, entertainment companies, including those conducting sporting events, religious institutions, other than for their classroom needs and equipment leasing companies that sublease Pac-Van's equipment.

Retail customers include both large national chains and small local stores. Industrial and manufacturing customers include a range of manufacturers, water, refuse, recycling, and bottling companies. Mining and energy customers include a range of businesses, including oil refineries, petrochemical refineries, power plants, oil and natural gas exploration, and alternative energy companies. The commercial customer segment includes a range of businesses. Government customers include correctional institutions, fire departments, as well as the United States military. The education customer segment includes both public and private schools and day care facilities, and includes classroom space for religious institutions. Pac-Van provides space to this customer group ranging from entire school facilities to supplemental classroom space, to portable storage equipment for storing athletic gear.

The Company competes with Cronos, CGM-CMA, Coates, Atco, Ausco, Nomad, the SCF Group, ModSpace, Williams-Scotsman, Mobile Mini, Acton Mobile, Vanguard Modular, Satellite Shelters, BakerCorp, Rain For Rent and Adler.

Company Address

General Finance Corp

39 East Union Street
PASADENA   CA   91103
P: +1626.5849722
F: +1626.7958090

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