London [27 June 2021] – Modulaire Group (“Modulaire” or “the Group”), Europe and Asia Pacific’s leading infrastructure services company specialising in modular services, is pleased to announce that its shareholders have entered into an agreement to sell the Group to investment funds managed by Brookfield Business Partners L.P. (“Brookfield”).

Brookfield is acquiring Modulaire from its shareholders which include investment funds managed by TDR Capital LLP (“TDR”), a leading UK-based private equity firm. The transaction, which is subject to customary regulatory and competition clearances, is expected to close in Q4 2021.

Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management, a leading global alternative asset manager with over $600 billion of assets under management.

Under TDR’s ownership, Modulaire has grown to become the leading provider of modular services and infrastructure in Europe and Asia Pacific. The Group’s experienced management team has strengthened the business through a focus on four strategic objectives of granular management of branch-level performance, continuous efficiency improvement, disciplined capital deployment and a targeted acquisition strategy.

Modulaire is expected to deliver strong continued growth, supported by significant market and secular trends including post-COVID government stimulus programmes, aging building stock across Europe and a structural shift towards modular space. The business is also benefitting from strong ESG tailwinds as customers look to secure buildings with a smaller carbon footprint and reduced waste and energy consumption through construction.

Following the Group’s acquisition by Brookfield, Modulaire’s current management team will remain with the Group and continue to focus on driving the Group’s strategic growth agenda.

Mike Smith, Chairman of Modulaire Group, said: “Modulaire has made huge strides as a business over recent years and Brookfield’s investment is testament to the progress that has been made. I would like to thank TDR for the huge support they have given the management team and the business more broadly, helping set Modulaire up for continued growth in the future.”

Mark Higson, CEO of Modulaire Group said: “I am delighted to welcome Brookfield as a new investor in the business and look forward to benefitting from their sector experience as we continue to drive Modulaire’s growth. The significant transformation of our business in recent years is down to the hard work of my colleagues. We are all hugely excited about driving Modulaire’s continued growth in the future and we look forward to the opportunities ahead.”

Gary Lindsay, Partner at TDR Capital LLP, said: “We are delighted that Modulaire will have a strong and experienced partner in Brookfield that will continue to support and invest in the business. We believe Brookfield will be a very positive shareholder for Modulaire and look forward to witnessing its continued success in the future.”

Modulaire Group was advised by Goldman Sachs International, Morgan Stanley, JP Morgan and STJ Advisors, with legal advice from Linklaters LLP.

About Modulaire Group

Modulaire Group is the leader in European modular services and infrastructure. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information
Investor relations:
investorrelations@modulairegroup.com
07841 563541

Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200

MODULAIRE GROUP ANNOUNCES FISCAL YEAR 2020

FINANCIAL RESULTS CONFERENCE CALL

LONDON (26 March 2021) – Modulaire Group, the leading business services company specialising in modular space, today announced that it will hold its fiscal year 2020 financial results conference call on Wednesday 31^st  March 2021 at 3:00pm BST (10:00 a.m., Eastern Time).

Prior to the call, the slide presentation, fiscal year 2020 financial information and dial-in details will be available at https://www.modulairegroup.com/investors/financial-reports that includes a password-protection feature. Access will be granted to existing and prospective lenders and noteholders and certain other eligible parties (including securities analysts and rating agencies) who have registered for an account. Modulaire Group invites all interested parties to register at their earliest convenience by visiting https://www.modulairegroup.com/investors/apply

About Modulaire Group

Modulaire Group is the leader in European modular services and infrastructure. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

******************

For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

Algeco Italy – proud to deliver a 44 unit eco-friendly school complex in Casal Palocco, Rome. Children are our future; the future is Smart Spaces.

LONDON (9 March 2021) - Modulaire Group, Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to announce that it has agreed to acquire Tecnifor S.p.A and the business and operations of Locabox S.r.l. and F.A.E. S.p.A. from the shareholders.

Headquartered in San Gemini, near Rome, Tecnifor and Locabox are together one of the leading providers of modular building leasing solutions in Italy. The company operates a fleet of over 12,000 modular units primarily for clients within construction and public administration. FAE also operates a facility in San Gemini that manufactures units for the rental fleet or sales market.

Tecnifor, Locabox and FAE have approximately 140 employees and annual revenue of c. €35m.

This marks Modulaire Group’s second acquisition in 2021 and ninth acquisition worldwide in the last 18 months. A targeted acquisition strategy remains one of Modulaire Group’s four strategic objectives, alongside a focus on optimising sales, an efficient cost base and granular management of branch level performance, and effective capital investment.

The transaction, which is subject to review by the Italian competition authority, is expected to close in Q3 2021.

Mark Higson, Modulaire Group’s Chief Executive Officer, commented.

“High quality acquisitions remain a core component of our strategy, alongside our focus on organic growth and operational performance. This acquisition will strengthen Modulaire Group’s presence in Italy, building on our existing position. I am delighted to welcome Tecnifor, Locabox and FAE into the Group and look forward to working with their highly experienced and expert management team.” 

About Modulaire Group

Modulaire Group is the leader in European modular services and infrastructure. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information

Investor relations: Phil Vellacott
investorrelations@modulairegroup.com
07841 563541

Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200

Trading update for the financial year ended 31 December 2020

Strong financial performance and momentum driven by further progress against strategic objectives

• Total revenues for the year +24%, including acquisitions, to c. €1.2bn. Organic revenue, excluding acquisitions, +3% for the year and +6% in Q4
• Underlying EBITDA +30% in the year to €347m-€350m. Organic EBITDA, excluding acquisitions, up 9-10% for the year and 13-17% for Q4
• Continued strong liquidity and cash generation. Net leverage at year-end of c. 4.7 times Pro-Forma Underlying EBITDA, down from 5.3 times year-on-year
• Momentum in units on rent and revenue per unit underpins growth into 2021

LONDON (22 February 2021) – Modulaire Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to provide a preliminary trading update for the financial year ended 31 December 2020. 

The Group expects to report the following financial performance for the year:

• Group revenue of c. €1.2bn, up approximately 24% over the prior year
• Organic revenue growth for the year (excluding acquisitions) of c. 3% and for the fourth quarter c. 6%
• Underlying EBITDA for the Group of between €347m to €350m, up c. 30% against €266m in the prior year. In FY20, acquisitions delivered c. €60m of Underlying EBITDA, up from €3m in the prior year
• Organic EBITDA growth for the year (excluding acquisitions) of between c. 9-10% and c. 13-17% for the fourth quarter
• Excluding acquisitions:
  • Fleet utilisation was 85% at the year-end and units on rent increased by 14,000 units over the year.  Units on rent at the year-end of 191,000 was 5,000 units higher than the average over 2020
  • Revenue per unit per month for the year was €233 which was 6% higher than the prior year.  Revenue per unit per month for the fourth quarter was €243 which was 5% higher than the average rate for the year

Modulaire Group made six acquisitions in 2020 as part of its focus to deploy capital into highly accretive M&A. Including the full 12 month run rate for these acquisitions within Underlying EBITDA for financial year 2020 would add a further c. €35m. In addition, the Group completed the acquisition of Carter Accommodation Group Ltd (“Carter”) in January 2021. Carter generated c. €8m of EBITDA over the 12 months ended 31 December 2020.

Continued strong cash generation across Modulaire Group reduced net leverage at the end of the year to c. 4.7 times Pro-Forma Underlying EBITDA, down from 5.1 times at the end of the third quarter of 2020 and 5.3 times at the end of 2019.  Pro-forma net leverage is stated after adjusting for the acquisition of Carter and after the return, in advance of the year end, of €103m of cash held outside of the Group.

Mark Higson, Modulaire Group’s Chief Executive Officer, commented: “Modulaire continues to report strong growth as we deliver on our strategic objectives for the business. The Group’s diverse range of customers are engaging very positively with our sustainable solutions, high quality service and flexible proposition, underpinning our strong market position. At the same time, we continue to have a healthy pipeline of highly accretive, actionable bolt-on M&A opportunities in what is a very fragmented market. We remain very confident about the future, with the business ideally positioned for further substantial progress supported by long term macroeconomic and consumer trends.”

The Group expects to publish its audited results for the year in the second half of March 2021. 

About Modulaire Group

Modulaire Group is the leader in European modular services and infrastructure. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information

Investor relations: Phil Vellacott
investorrelations@modulairegroup.com
07841 563541

Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200

The preliminary financial results and estimates presented in this announcement are based on preliminary financial information and other operating data drawn from internal management accounts and are not intended to provide a comprehensive statement of our results or financial position as of the dates or for the periods indicated. We have not yet completed our financial closing procedures for year ended 31 December 2020, and the preliminary results and estimates presented herein are derived from financial information that has not been audited or reviewed. They are based on the information currently available to us, which may be incomplete or inaccurate, and management’s current knowledge, beliefs and assumptions, which are inherently uncertain and subject to change. While we believe these preliminary results and estimates to be reasonable, our actual results could vary from these estimates.

Underlying EBITDA, Organic EBITDA, Pro-Forma EBITDA, EBITDA, cash generation, net leverage and other metrics presented on an organic basis or net of the effect of acquisitions represent non-GAAP financial measures and alternative performance measures that are not are not required by, or presented in accordance with, IFRS or any other generally accepted accounting principles. We present these non-GAAP measures because we believe that they and similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Our non-GAAP measures may not be comparable to other similarly titled measures of other companies.

This announcement contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements,” particularly those statements concerning expectations regarding the Group’s year-end results, future growth or M&A activity. A number of risks and uncertainties could cause our actual results to differ materially from current projections, forecasts, estimates and expectations relating to us. Any or all of these forward-looking statements may turn out to be inaccurate. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond our control.

Algeco Italy – proud to be the Technical Partner for the Alpine Skiing World Championships in Cortina

LONDON (9 February 2021) - Further to recent press reports, Modulaire Group confirms that it is considering its strategic and financing options, which may include a potential IPO. No decision has been taken as to whether to proceed with any such transaction.

About Modulaire Group
Modulaire Group is the leader in European modular services and infrastructure. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter Accommodation in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information

Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200

London (19th January 2021) Four of the leading modular building companies in the Nordic region – Malthus Uniteam, Wexus, Algeco and Temporary Space Nordics – are today delighted to announce that they are coming together to operate under one brand, Algeco.

With a fleet of over 20,000 rental modules across Norway, Finland, Sweden and Denmark, Algeco will combine the strengths and expertise of these four companies, providing customers with even more choice and better value.

Algeco will be led across the Nordics by Steinar Aasland, formerly CEO of Malthus Uniteam. He will be supported by MDs in each of the individual Nordic markets, and an MD at Algeco’s manufacturing facility in Estonia.

Steinar Aasland, MD, Algeco, commented: ‟Trading as Algeco in each of our Nordic markets it will be easier for our customers, who can now turn to us as one supplier for a huge range of products and support whilst continuing to receive the highest levels of service. Local knowledge, expertise and strong relationships will remain central to Algeco’s success and we will continue to empower local management and their teams to deliver for our customers in each country. This is an exciting time for Algeco and I look forward to working with my colleagues to build this great business.”

Algeco, Malthus Uniteam, Wexus, and Temporary Space Nordics are all owned by Modulaire Group, Europe and Asia Pacific’s leading modular space company.

Mark Higson, Chief Executive Officer, Modulaire Group, commented: ‟Malthus Uniteam, Wexus, Algeco and Temporary Space Nordics are all well-positioned within their own markets, each driven by their high quality products and solutions, their strong customer relationships, and their expert local management teams. Together as Algeco they will be even stronger for their customers and colleagues. This will further enhance their position across the Nordics and ultimately support the goal of being the number one player in this important and growing market.”

About Modulaire Group

Modulaire Group is a leading business services company specialising in modular space. We offer sales and rentals of high quality temporary modular buildings, barracks and containers across a number of sectors, including public administration (schools, preschools, care facilities), construction, infrastructure and energy.  Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information

Investor relations: Phil Vellacott
investorrelations@modulairegroup.com
07841 563541

Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200

London (23 December 2020) - Modulaire Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Advanté Ltd (“Advanté”) in the UK.

Advanté created and continues to be a leading player in the market in hire and after sales service of premium, eco-friendly instant start welfare accommodation with the Oasis brand. Their 500 modules enable contractors to commence work on site without delay, providing workers with welfare and office facilities, at the start and end of a construction project. Advanté has approximately 50 employees and annual revenue of £11m.

Advanté’s experienced management team will remain with the business which will operate as a specialist company alongside Elliott, Modulaire Group’s existing business in the UK.

Environmental impact sits at the core of Advanté’s business model, meaning customers will benefit from a reduced carbon footprint, fuel efficiency and the use of renewable energy and resources. This, coupled with clear strategic growth drivers, a strong financial track record and Advanté’s long-standing relationships with its customers, will complement and strengthen Modulaire Group’s position in the UK market. 

Advanté is Modulaire Group’s sixth acquisition in 2020 worldwide. A targeted acquisition strategy is one of Modulaire Group’s four strategic objectives, alongside an efficient cost base, a focus on optimising sales and granular management of branch level performance, and effective capital investment.

Mark Higson, Modulaire Group’s Chief Executive Officer, said:

“I am delighted to welcome Advanté to Modulaire Group. Their technical innovation, high-quality service and industry leading environmental credentials have all contributed to Advanté’s position as a specialist business focussing on welfare units in the UK. Management’s strong customer relationships mean they are well positioned for the significant opportunities that are emerging, particularly within the housebuilding and construction industries in the UK.”

Mandy Messenger, Advanté’s Managing Director, said:

“Our focus on innovation and close, long-term working relationships with our customers have been key to Advanté’s success and we are proud of the Oasis brand reputation. The investments we have made in recent years have improved our resilience and we are well placed to deliver on the many growth opportunities we see ahead of us. As part of Modulaire Group we look forward to realising our full potential.”

About Modulaire Group

Modulaire Group is the world’s leading business services company specialising in modular space. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

About Advanté Ltd

Advanté is a specialist provider of instant start welfare accommodation that provides facilities to workers before utilities have been connected to a site. Advanté operates 500 units across the UK under the Oasis brand. Advanté’ has a strong heritage of innovation and its fleet uses renewable energy and low emission generators to minimise the carbon footprint for customers.

For further information

Investor relations: Phil Vellacott
investorrelations@modulairegroup.com
07841 563541

Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200

Modulaire Group releases third quarter 2020 Financial Report: Another strong financial performance driven by continued progress against strategic objectives

• Organic EBITDA increased 11% (€8m); including acquisitions EBITDA grew 34% to €101m
• Total Revenues increased by 29% to €335m (including acquisitions)
• Continued strong liquidity and cash generation with 82% year to date cash conversion before growth capex and deleveraging during 2020

LONDON (17^th November 2020) – Modulaire Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular space, today announces a strong performance for the third quarter of 2020.

For the three months to 30 September 2020, the Group delivered total revenues of €335 million, up 29% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by €17 million (6.5%) driven by both growth in modular space leasing and sales.

Utilisation rose to 85% at the end of the third quarter while units on rent increased by 11,600 excluding acquisitions. Units on Rent were 17.1% higher including acquisitions. Organic revenue per unit grew by 5.6% and by 10% including acquisitions. Organic EBITDA increased 11% (€8m) driven by continued progress against the Group’s strategic objectives. Including M&A EBITDA grew 34% to €101m, as the integration of recent acquisitions continues to progress well. Cash conversion remained strong at 53% the year to date, with growth capex deferred from the second quarter, and 82% before growth capex.

Net leverage at the period end was 5.1x on a pro forma basis and has reduced during 2020. The liquidity position remains strong with €259 million of cash on the balance sheet at 30 September alongside €105 million ABL availability and a further €103 million held outside the Restricted Group.

The Group continues to have positive momentum across its four strategic objectives through an efficient cost base, a focus on optimising sales and granular management of branch level performance, effective capital investment and a targeted acquisition strategy.

Mark Higson, Modulaire Group’s Chief Executive Officer, said: “Modulaire Group delivered another strong quarter. The team remains focused on executing our strategy which continues to drive growth in the business and value for all of our stakeholders.

We were delighted to further strengthen our presence in the Nordics after the quarter end by welcoming Temporary Space Nordics into the business and we look forward to the opportunities that this presents for all of our stakeholders as we integrate under the Algeco brand. Elsewhere, we maintain an active M&A pipeline and, supported by our proven and resilient business model, we are well placed to take advantage of future market opportunities.”

About Modulaire Group

Modulaire Group is the world’s leading business services company specialising in modular space. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Malthus Uniteam, Wexus and Temporary Space Nordics in Scandinavia, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information

Investor relations: Phil Vellacott
investorrelations@modulairegroup.com
07841 563541

Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200