Business
Target Hospitality Announces Acquisition of Strategic Humanitarian Assets
THE WOODLANDS, Texas, April 17, 2023 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality," "Target" or the "Company") (Nasdaq: TH), one of North
About this update from Target Hospitality Corp.
[{"type":"text","content":"THE WOODLANDS, Texas, April 17, 2023 /PRNewswire/ -- Target Hospitality Corp. (\"Target Hospitality,\" \"Target\" or the \"Company\") (Nasdaq: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today announced it has acquired strategic assets focused on increasing portfolio capacity in support of the United States government's critical humanitarian aid mission. \nThese geographically significant assets have been utilized by the United States government to support a variety of humanitarian housing solutions across government agencies. Target believes the strategic location of these assets, along with its comprehensive suite of hospitality solutions, positions the Company to expand its critical service offerings supporting the U.S. government's evolving and dynamic humanitarian mission. \nIncluding Target's existing humanitarian community, the addition of these assets will allow the Company to react quickly and support the government's stated and urgent need for additional housing capacity. This urgent and compelling need is a result of the anticipated substantial increase of individuals crossing the U.S. Southwest boarder following the cessation of Title 42, anticipated in May of 2023, resulting in meaningful excess demand for existing government humanitarian solutions. \nThis transaction is a continuation of the Company's strategy to pursue high return capital allocation initiatives, including expanding reach across government agencies, while strategically aligning network capabilities with growing government end-market demand. \nAbout Target Hospitality\nTarget Hospitality is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States. Target builds, owns and operates a customized and growing network of communities for a range of end users through a full suite of value-added solutions including premium food service management, concierge, laundry, logistics, security and recreational facilities services.\nCautionary Statement Regarding Forward Looking Statements\nCertain statements made in this press release are \"forward looking statements\" within the meaning of the \"safe harbor\" provisions of the United States Private Securities Litigation Reform Act of 1995....