Shares of Mobile Mini (MINI) - Get Report jumped 5% on Wednesday after Reuters reported that an investment firm led by former activist hedge fund Starboard Value LP executive William Wyatt has built a stake in the company.

Citing people familiar with the matter, Reuters also said Wyatt's new venture, Donerail Group, is pushing it to explore strategic alternatives, including a sale, "given the fragmented nature of the portable-storage sector."

Mobile Mini stock hit an intraday high of $35.01 before closing at $34.59, up 4.4%, on Wednesday. 

An executive at Mobile Mini, the Phoenix provider of portable-storage solutions, said the company "doesn't comment on rumors or speculation." Donerail couldn't immediately be reached for comment.

Reuters said Mobile Mini is Donerail's first major investment since Wyatt founded the firm earlier this year.

The move comes amid a change in leadership at Mobile Mini. In May, the company said CEO Erik Olsson would become chairman and would be succeeded by President and COO Kelly Williams.

Mobile Mini's shares have dropped 17% over the past year, based on Tuesday's close at $33.13. The stock is steadily recovering from a 52-week low of $29.02 in mid-August.