(Bloomberg) -- TOMS Capital Investment Management has built a stake in WillScot Holdings Corp., a provider of modular buildings and storage, people with knowledge of the matter said.

The activist investor is pushing Phoenix-based WillScot to consider launching a strategic review, according to the people, who asked not to be identified discussing confidential information. The size of TOMS Capital’s investment couldn’t immediately be learned. 

Shares of WillScot have fallen about 15% in New York trading this year, leaving the company with a market value of around $7 billion. Peer United Rentals Inc. is up roughly 40% over the period. 

Representatives for TOMS Capital and WillScot declined to comment.

WillScot provides mobile offices, storage containers and temporary space solutions for businesses in sectors including education, manufacturing and health-care, according to its website. The company last month cut revenue guidance for the full year after what it described as “headwinds in non-residential construction,” sending its stock tumbling. 

In September, WillScot saw a planned acquisition of McGrath RentCorp collapse after challenges from the US Federal Trade Commission. WillScot paid a $180 million termination fee to McGrath as a result of the deal falling through.

New York-based TOMS Capital earlier this year took a stake in Kellanova. That was shortly before the US snack maker agreed to be taken over by Mars Inc. in a $35 billion-plus deal that remains the largest announced transaction of 2024, Bloomberg-compiled data show. 

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