LONDON (23 October 2020) – Modulaire Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Temporary Space Nordics (“TSN”). This follows the announcement on 18 August 2020 that Modulaire Group had agreed to acquire TSN from Procuritas and other shareholders. The transaction was subject to review by the Danish competition authority, which has now approved the acquisition.

Headquartered in Bro, Sweden, TSN is a leading provider of high-quality temporary space solutions for public and private customers across the Nordic region. TSN has a local presence in Sweden, Norway, Finland and Denmark, which marks Modulaire Group’s entry into the Danish market.

TSN operates a rental fleet of c. 7,500 modules capable of solving temporary needs for a wide range of applications including schools, kindergartens, offices, accommodation and site units for infrastructure and other construction. TSN recorded total pro forma revenue of €41m in 2019.

TSN’s well-invested fleet, and range of long-term customer contracts – of which over 50% are in the public sector – is highly complementary to Modulaire Group’s existing presence in the region. This transaction will further strengthen Modulaire Group’s position in the Nordic modular space market that has grown at a CAGR of 12% from 2015 to 2018.

Mark Higson, Modulaire Group’s Chief Executive Officer, said: “I am delighted to welcome TSN into the Modulaire Group. We have a strong and growing business within the Nordics and this acquisition further develops our presence in Sweden, Norway and Finland, and secures a strong market position in Denmark, a new and important geography for us.”

Magnus Kjellin, Temporary Space Nordic’s CEO, said: “We are excited to join Modulaire Group and become part of the leading modular space provider in Europe. Our team is proud of the best-in-class service and products we provide to our customers and we look forward to further success and growth across our markets.”

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 24 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 the Nordic, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

About Temporary Space Nordics

Temporary Space Nordics offers high quality temporary modular building solutions primarily for schools, pre-schools, offices, infrastructure and accommodation for public, infrastructure and private customers. The company was founded in Uppsala, Sweden, in the 1980’s, and was previously operated as separate business units within Ramirent Plc before being carved out in 2018 and acquiring the modular building business of GSV Materieludlejning A/S in 2019. Today, TSN is headquartered in Sweden with operations in Norway, Denmark and Finland as well.

For further information

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

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

London (5th October 2020) - Algeco Group, Europe and Asia Pacific’s leading business services company specialising in modular space, today announces it is changing its name to Modulaire Group. 

The change to Modulaire Group reflects the transformation of the business in recent years, including the acquisition of six leading operators in the modular solutions market, primarily across Europe.

The change in name relates to Group-level only. With operations in 24 countries overall, the Company will continue to operate locally under the existing names. Those are Algeco in much of Europe, Elliott in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in the Netherlands, Malthus Uniteam and Wexus in Norway, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China. 

The Company continues to make strong progress against its clear strategic priorities for driving profitability across the business through an efficient cost base, a focus on optimising sales volume and price through management of performance to the branch level, effective capital investment, and a targeted acquisition strategy.

Algeco Global Finance plc and Algeco Global Finance 2 plc, which issue senior secured notes and senior notes respectively, will be re-named Modulaire Global Finance plc and Modulaire Global Finance 2 plc in due course.

Those who were previously able to access the Investor section of the website will continue to do so upon re-entering their login details.

Please visit www.modulairegroup.com for more information. 

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 24 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 and Wexus in Norway, 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 (25th August 2020) – Algeco Group, Europe and Asia Pacific’s leading business services company specialising in modular space, is pleased to announce the appointment of Simon Gordon as Group Chief Financial Officer.

Simon will take up his role on 1st September 2020, replacing Sunny Thakrar who will remain with the Group having been promoted to Deputy CEO and Chief Operating Officer. Sunny will support Simon to ensure a full and effective transition and will continue to drive the Group’s commercial strategy in his new role.

Simon was most recently CFO at Addison Lee, the world’s largest executive car service operator, where he has supported the business with its organic and acquisition-led growth. Before joining Addison Lee in June 2018, Simon was CFO at Spire Healthcare Group from 2011-2018, and Virgin Active Group from 2004-2010.

Simon will be a key part of the Executive Team as it continues to make strong progress against its clear strategic priorities for driving profitability across the business through an efficient cost base, a focus on optimising sales volume and price through management of performance to the branch level, effective capital investment, and a targeted acquisition strategy.

Commenting on the appointment, Mark Higson, CEO said: “I am delighted to announce Simon’s appointment. He is a highly experienced CFO with a strong track record of supporting companies in their growth, both organically and through acquisition, and in domestic and international markets.

On behalf of the Group, I would also like to thank Sunny for his enormous contribution to date in his role as CFO and congratulate him on his promotion. I am excited to continue to work with Simon, Sunny and the wider team to drive the business forward.”

Simon Gordon said: “Thanks to the strategic actions that have taken place, Algeco has an incredibly exciting future ahead. I look forward to being part of the team as it continues to deliver value for customers, returns for investors and great opportunities for its people.”

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 24 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 and Wexus in Norway, 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 (18 August 2020) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it has agreed to acquire Temporary Space Nordics (“TSN”) from Procuritas and other shareholders.

Headquartered in Bro, Sweden, Temporary Space Nordics is a leading provider of high-quality temporary space solutions for public and private customers across the Nordic region, with a local presence in Sweden, Denmark, Norway and Finland.

TSN operates a rental fleet of c. 7,500 modules capable of solving temporary needs for a wide range of applications including schools, kindergartens, offices, accommodation and site units for infrastructure and other construction. TSN recorded total pro forma revenue of €41m in 2019.

TSN’s well-invested fleet, and range of long-term customer contracts – of which over 50% are in the public sector – is highly complementary to Algeco’s existing presence in the region. Furthermore, this transaction will strengthen Algeco’s position in a growing Nordic modular space market, greatly expanding the Group’s presence in Sweden and securing a strong market position in Denmark.

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

Mark Higson, Algeco’s Chief Executive Officer, said: “I am delighted to welcome TSN Group into the Algeco business. The Nordic market is particularly attractive to us and this adds significantly to our presence in Sweden, strengthens our positions in Norway and Finland and marks our entry into the Danish market.”

Magnus Kjellin, Temporary Space Nordics’s CEO, said: “After a period of expansion, we are very excited to now be joining the Algeco Group. Our customers will continue to benefit not only from the highest quality solutions and our best-in-class service, but also Algeco’s expertise, scale and leadership position in Europe.”

About Temporary Space Nordics

Temporary Space Nordics offers high quality temporary modular building solutions primarily for schools, pre-schools, offices, infrastructure and accommodation for public, infrastructure and private customers. The company was founded in Uppsala, Sweden, in the 1980’s, and was previously operated as separate business units within Ramirent Plc before being carved out in 2018 and acquiring the modular building business of GSV Materieludlejning A/S in 2019. Today, TSN is headquartered in Sweden with operations in Norway, Denmark and Finland as well.

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 24 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 and Wexus in Norway, 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

• Organic EBITDA increased 10% (€6m); including acquisitions EBITDA grew 32% to €84m
• Total Revenues increased by 23.5% to €279m (including acquisitions)
• Continued strong liquidity and cash generation with 84% year to date cash conversion before growth capex and 59% after growth capex

LONDON (13 August 2020) – Algeco Investments B.V. (together with its subsidiaries, “Algeco” or the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular space, today announced a strong performance for the second quarter of 2020.

For the three months to 30 June 2020, the Group delivered total revenues of €279 million, up 23.5% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by €2m (1.1%) driven by 15% growth in modular space leasing, offset by lower delivery and installation income as a result of Covid‐19 restrictions.

Utilisation rose to 83% at the end of the second quarter while units on rent increased by 4,200 in the quarter excluding acquisitions. Average Units on Rent were 9.3% higher including acquisitions. Organic EBITDA increased 10% (€6m) driven by continued progress against Algeco’s strategic objectives. Including M&A EBITDA grew 32% to €84m, as the integration of recent acquisitions continues to progress well. Cash conversion remained strong at 59% in the year to date and 84% before growth capex.

Net leverage at the period end was 5.2x on a pro forma basis. The liquidity position remains strong with €207 million of cash on the balance sheet at 30 June alongside €74m ABL availability and a further €103m held outside the Restricted Group.

Mark Higson, Algeco’s Chief Executive Officer, said: “Algeco delivered a strong second quarter for 2020, despite tough market conditions. Progress made against our strategy continues to drive value for all of our stakeholders, as we delivered an increase in organic EBITDA of 10% and total revenue up 23.5% in the period. We were delighted to add to our presence in the Nordics by welcoming Wexus into the business in the second quarter, and we maintain an active pipeline of future M&A opportunities supporting our potential for further growth.”

Notes

Algeco has posted its second quarter 2020 financial report and slide presentation to accompany the second quarter 2020 financial results conference call (scheduled for Thursday 13 August 2020 at 3.00pm BST, 10.00am Eastern Time) at 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. Algeco invites all interested parties to register at their earliest convenience by visiting www.modulairegroup.com/investors/apply.

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 24 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 and Wexus in Norway, 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 (7 August 2020) – Algeco Investments B.V. (together with its subsidiaries, “Algeco”), the leading business services company specialising in modular space, today announced that it will hold its second quarter 2020 financial results conference call on Thursday 13 August 2020 at 3:00pm BST (10:00 a.m., Eastern Time).

Prior to the call, the slide presentation, second quarter 2020 financial information and dial-in details will be available at 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. Algeco invites all interested parties to register at their earliest convenience by visiting www.modulairegroup.com/investors/apply

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 24 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 and Wexus in Norway, 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 (July 2, 2020) – Algeco Investments B.V. (together with its subsidiaries, the “Group”), today announced that one of its subsidiaries, Algeco Global Finance plc, a public limited company incorporated under the laws of England and Wales (the “Issuer”), has successfully priced its offering of €175,000,000 in aggregate principal amount of additional 6½% senior secured notes due 2023 at an issue price of 94.000% (the “Notes”), plus accrued interest from February 15, 2020. The Notes will be issued under the indenture dated February 15, 2018 (the “Indenture”) governing, among other things, the Issuer’s existing euro-denominated 6½% senior secured notes due 2023 (the “Existing Notes”), and will constitute a single class of securities with the Existing Notes for all purposes under the Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. However, the Notes will not be fungible with the Existing Notes for U.S. federal income tax purposes, and as a result will be issued with separate common codes and International Securities Identification Numbers from those assigned to the Existing Notes. The offering of the Notes is expected to close on or about July 10, 2020, subject to customary conditions precedent for similar transactions.

If completed, the proceeds from the offering of the Notes will be used by the Group (i) for general corporate purposes, including to fund certain strategic investments and add-on acquisitions and (ii) to pay the costs, fees and expenses incurred in connection with the offering of the Notes.

The Notes are being offered only to qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act and, if an investor is a resident of a member state of the European Economic Area (the “EEA”) or of the United Kingdom, not to a retail investor. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Algeco

Algeco 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. Algeco has operations in 23 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms, each as of March 31, 2020. The company operates as Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting and BUKO Bouw & Winkels in The Netherlands, Malthus Uniteam and Wexus in Norway and Sweden, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

Cautionary Notice Regarding Forward-Looking Statements

This press release 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 use of proceeds from the offering of the Notes. 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 wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond our control.

Disclaimer

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Promotion of the Notes in the United Kingdom is restricted by the Financial Services and Markets Act 2000 (the “FSMA”), and accordingly, the Notes are not being promoted to the general public in the United Kingdom. This announcement is for distribution only to, and is only directed at, persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order or (iii) are persons to whom an invitation or inducement to engage in investment activity within the meaning of section 21 of the FSMA in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on by anyone who is not a relevant person.

In addition, this announcement and the offering of any securities described herein are only addressed to and directed at persons in a member state of the EEA or in the United Kingdom who are “qualified investors” within the meaning of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that member state. The offer and sale of the Notes will be made pursuant to an exception under the Prospectus Regulation from the requirement to produce a prospectus for offers of securities. This announcement does not constitute a prospectus within the meaning of the Prospectus Regulation or an offer to the public.

The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

For further information

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

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

LONDON (1 July 2020) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Wexus Group AS (“Wexus”). This follows the announcement on 4 June 2020 that Algeco had agreed to acquire Wexus from Norvestor Equity AS and other shareholders. The transaction was subject to review by the Norwegian competition authority, which has now approved the acquisition.

This transaction will further strengthen Algeco’s position in the attractive Nordic modular space market that has grown at a CAGR of 12% from 2015 to 2018. Growth is expected to continue to be driven by long-term public sector contracts and infrastructure investment. Wexus is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, Wexus also has operations in Sweden and a modern wooden module production facility in Estonia that can support our enlarged business. Wexus operates a fleet of c. 1,600 units, has c. 110 employees and revenues of c. €35m in the twelve months to March 2020.

Mark Higson, Algeco’s Chief Executive Officer, said: “I am delighted to bring Wexus into the Algeco Group. This transaction further builds on Algeco’s leading position in the highly attractive Nordic modular space market. We look forward to working closely with the highly experienced Wexus management team as they continue to lead this business and build Wexus’ established track record of sustained revenue growth.”

Egil Messmer, Co-founder and Chief Executive Officer of Wexus Group, said: “We are excited to be embarking on the next stage in Wexus’ journey, as we join Europe’s leading modular space provider. The combination of our Nordic platform, together with Algeco’s international expertise and scale will lead to even greater value creation as we move forward."

About Wexus Group AS

Wexus Group focuses on the sale and rental of modular buildings for public projects, infrastructure, construction and oil & gas sectors in Norway and Sweden. It was established by a management team with over 75 years’ experience in the sector. Wexus provides flexible solutions to its customers using its modern factory in Estonia that has its own Technical Approvals from Sintef.

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 24 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 and Wexus in Norway, 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 – July 1, 2020. Algeco Global Finance plc and Algeco Global Finance 2 plc (together with Algeco Investments B.V. and its other subsidiaries, the “Group”), today announced that they have made certain information available on their investor website. This information contains an update on the financial performance of the Group and certain other information and can be accessed at: www.modulairegroup.com/investors/financial-reports

This announcement may include projections and other “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Group’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements and the Group does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

LONDON (4 June 2020) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it has agreed to acquire Wexus Group AS (“Wexus”) from Norvestor Equity AS and other shareholders. Wexus is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, Wexus also has operations in Sweden and a modern production facility in Estonia. Wexus operates a fleet of c. 1,600 units, has c. 110 employees and revenues of c. €30m (297 million NOK) in 2019.

Founded in 2014, Wexus’s focus on operational excellence for its customers has underpinned its strong revenue growth (revenue CAGR of over 50% for 2015-2019). The highly experienced management team will continue to drive the business forward under the Algeco Group.

This transaction will further strengthen Algeco’s position in an attractive and expanding Nordic modular space market. Wexus’ core addressable market has grown at a CAGR of 12% from 2015 to 2018. Independent analysts expect this growth to continue in the years ahead, supported in part by a commitment to significant infrastructure investment as part of a broader Government stimulus package.

The transaction, which is subject to review by the Norwegian competition authority, is expected to close in Q3 2020.

Mark Higson, Algeco’s Chief Executive Officer, said: “High quality acquisitions are a key component of our strategy, complementing our focus on organic growth and operational performance. This transaction further builds on Algeco’s leading position in the highly attractive Nordic modular space market. I am delighted to welcome a very experienced management team into the Algeco Group, and I’m excited that they will continue to lead this business and build on a robust track record of value creation going forward.”

Egil Messmer, Co-founder and Chief Executive Officer of Wexus Group, said: “After several years of growth as an entrepreneurial company, becoming part of the Algeco Group is both a great pleasure and an important step for our business. We are certain that the combination of our Nordic platform, together with Algeco’s size and international experience, will lead to even greater success in the coming years. Together with my team I look forward to becoming part of the Algeco family. “

About Wexus Group AS

Wexus Group focuses on the sale and rental of modular buildings for public projects, infrastructure, construction and oil & gas sectors in Norway and Sweden. It was established by a management team with over 75 years’ experience in the sector. Wexus provides flexible solutions to its customers using its modern factory in Estonia that has its own Technical Approvals from Sintef.

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 24 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 and Wexus in Norway, 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