LONDON 23 December 2019 – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it has agreed to acquire Malthus Uniteam of Norway from Reiten & Co Capital Partners, IKM Industri-Invest AS, Hodne Kapital AS, Maaseide Holding AS and other shareholders.

The transaction will transform Algeco’s position in the Nordic modular space market. With a fleet size of approximately 9,000 units, Malthus Uniteam is the leader in the Norwegian modular market and has a growing presence in Sweden. It has a long track record of supplying modular buildings, barracks, containers and building equipment, and in 2019 will generate revenues of approximately €75 million (NOK 750 million), and EBITDA of approximately €20 million (NOK 200 million). The transaction, which is subject to review by the Norwegian competition authority, is expected to close in the first quarter of 2020.

Mike Smith, Chairman of Algeco, said: “This acquisition provides Algeco with a leading position in the attractive Nordic modular space market and further strengthens our presence across Europe. Malthus Uniteam’s broad product range and strong customer base will ensure that Algeco is well placed to benefit from the continued growth of the Nordic markets. There will also be a good opportunity for Malthus Uniteam’s customers to benefit from Algeco’s industry-leading range of value-added products and services.”

Bård Brath Ingerø, Chairman of Malthus Uniteam said: “The shareholders are very pleased to hand over Malthus Uniteam to Algeco as a new owner of the company. We have a history of 45 years in the Nordic market and clearly customers and employees will benefit from joining forces with Algeco and continue to build a market leading position in the Nordics”.

Steinar Aasland, CEO of Malthus Uniteam said: “We are excited to join the Algeco Group and become part of the leading modular space provider in Europe. Malthus Uniteam has successfully established itself as the market leader in Norway and we look forward to being able to offer Algeco’s VAPS 360 service offering to our customers, as well as further strengthening our presence across the Nordics.”

About Malthus Uniteam

Malthus Uniteam was created through the merger of Malthus and Uniteam in 2017, forming the leading provider of relocatable modular buildings in the Norwegian market. It supplies modular buildings, barracks and containers both to its domestic Norwegian market and internationally. It is headquartered in Sandnes, Norway, and has offices across Norway, Sweden and China.

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

Malthus Uniteam
bbi@reitenco.no
Bård Ingerø
Chairman of Malthus Uniteam and Managing Partner of Reiten & Co Capital Partners

Cautionary Notice Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect Modulaire Group's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. In particular, we may not be able to realize the anticipated benefits of the acquisition of Malthus Uniteam. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

London (18 December 2019) - Algeco Group, Europe and Asia Pacific’s leading business services company specialising in modular space, is pleased to announce the appointment of Mark Higson as its new Chief Executive Officer.

Mark will take up his role on 1st February 2020, succeeding Andrew Tyler, who, as previously announced, stepped down in November 2019.

Mark is currently Managing Director of Wolseley UK, a leading plumbing, heating and cooling trade specialist merchant with 550 branches across the UK. Before joining Wolseley in March 2018, Mark was Managing Director at the Royal Mail from 2007 to 2014, where he managed the operational turnaround of the letters and parcels business. Prior to this, Mark was a Director of BPB plc, the building materials group, where he held a variety of senior leadership positions in businesses in Europe, Africa and the Middle East. He has also worked with Advent International, advising on a variety of the private equity firm’s portfolio businesses.

Headquartered in London, Algeco has operations in 22 countries with approximately 240,000 modular space and portable storage units and 3,400 remote accommodation rooms. The business benefits from strong recurring revenue streams, a best-in-class value added products and services offering and plays into the broader secular trend towards modularisation and agile space solutions.

Under Mark’s leadership, Algeco will focus on its clear priorities for driving profitability across the business through effective capital investment, a focus on optimising sales and granular management of branch level performance, an efficient cost base, and a targeted acquisition strategy.

Commenting on the appointment, Mike Smith, Chairman of Algeco, said: “I am delighted to announce the appointment of Mark as our new CEO. Mark is a highly experienced operational leader with a proven track record, having spent much of his career running a range of large UK and international branch-based businesses. He has demonstrated strong management skills and the strategic insights that we believe will build on the strengths of our business today and lead Algeco through its next phase of growth.”

Mark Higson said: “Algeco is a great company with very exciting prospects. The business is in strong health today thanks to the transformative actions that have taken place over recent years and I look forward to getting started and delivering value for customers, returns to investors and great opportunities for our 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

London (4 December 2019) - Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it is continuing its growth strategy by agreeing to acquire Alquibalat, S.L. (“Balat”) in Spain.

Based in Pamplona, Balat is a leader in the Spanish market for the rent and sale of modular buildings, with a strong presence in the construction sector. It operates 14,000 units from 15 sites in Spain and Portugal, including in Madrid, Barcelona, Bilbao, Coruna, Malaga, Seville, and Valencia, cities where Algeco is already active.

Balat had revenues of €27m in 2018 and has about 150 employees. The transaction, which is subject to review by CNMC, the Spanish competition authority, is expected to close in the first quarter of 2020.

Mike Smith, Chairman of Algeco, said: “I am delighted to strengthen our presence in Spain through the acquisition of Balat, our second purchase in recent months. Our southern European business has been one of our strongest performers and we see ample opportunities to offer our 360 range of value-added products and services to Balat’s customers.”

Rafael Baranda, Managing Director of Balat, said: “We are looking forward to joining the Algeco Group and extending the range of services we can offer to our customers. Both companies are united in their common interest to strengthen the businesses and to enhance the career opportunities of their people.”

About Balat Balat has been a leader in the rental and sale of prefabricated modular buildings for more than 30 years. With strong technical and R&D capabilities, Balat operates in Spain, Portugal and France.

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

Cautionary Notice Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect Modulaire Group's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. In particular, we may not be able to realize the anticipated benefits of the acquisition of Alquibalat, S.L. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

• 3% growth in Total Revenues of €260 million
• Underlying EBITDA before IFRS 16 3% lower at €67 million
• Strong cash generation with 53% year-to-date cash conversion

LONDON (26 November 2019) – 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 continued resilient financial performance for the third quarter of 2019.

For the three months to 30 September 2019, the Group delivered total revenues of €260 million, 3.2% higher versus the prior year. Modular space leasing revenues were marginally lower with a 5.5% increase in revenue per unit offset by 6.2% fewer units on rent. Revenue per unit growth reflected a 1% increase in the average rental rate (ARR) and strong growth of value-added products and services (VAPS) at 16%. The average utilisation rate was 79%. New unit sales grew by 27% as a result of strong performances in France, ENSE and APAC.

Underlying EBITDA before IFRS 16 was 2.9% lower at €67 million primarily as a result of the non-recurrence of a large, high margin, used unit sale in the corresponding period last year. Cash conversion year-to-date increased by 1 percentage point to 53%.

Net leverage at the period end was 5.5x, in line with 5.6x at 30 September 2018. Our cash position remains strong with €275 million on the balance sheet.

Sunny Thakrar, Algeco’s Chief Financial Officer, said: “We have delivered a solid performance in the third quarter with EBITDA growth in France and ENSE offset by weakness in the UK. We have clear priorities for driving profitability across the Group and will continue to balance cash conversion with investing in the business. We were delighted to complete the acquisition of Buko after the period-end, and our disciplined approach to M&A will remain a core component of our growth strategy.”

Notes

Algeco has posted its third quarter 2019 financial report and slide presentation to accompany the third quarter 2019 financial results conference call (scheduled for Tuesday 26 November 2019 at 3.00pm GMT, 10:00 a.m. Eastern Time) at www.modulairegroup.com/investors/financial-reports.

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

LONDON (4 November 2019) – 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 third quarter 2019 financial results conference call on Tuesday 26 November 2019 at 3:00pm GMT (10:00 a.m., Eastern Time).

To access the call, please dial:

UK: +44 3333000804 or 08003589473 (UK toll free)

US: +1 6319131422 or +1 855 85 70686 (US toll free)

and enter participant PIN code: 87393710# approximately ten minutes prior to the start of the call. You will be placed on hold until the event begins. The customer service team can be reached at any time by pressing *0 on your telephone keypad.

The conference call will also be broadcast over the internet with an accompanying slide presentation. To join the web conference, go to:

https://event.on24.com/wcc/r/2126561-1/310B3B945A92EC5C08C77EB369859E3B

Please enter your name, email address and company to join the presentation.

Prior to the call, the slide presentation and third quarter 2019 financial information will be available at www.modulairegroup.com/investors/financial-reports.

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

LONDON (31 October 2019) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces the acquisition of BUKO Huisvesting and BUKO Bouw & Winkels of the Netherlands.

The transaction will significantly strengthen Algeco’s position in the Dutch modular space market, increasing the size of its fleet from 3,000 to more than 15,000 units. BUKO Huisvesting and BUKO Bouw & Winkels operate in five locations, have 195 employees and have revenues of c. €60 million. The businesses were previously part of the Scheybeeck Group.

Mike Smith, Chairman of Algeco, said: “This acquisition is an important step forward for Algeco Group, since it materially strengthens our position and presence in the Dutch and European market. I welcome BUKO Huisvesting, BUKO Bouw & Winkels and their employees to the Group; I am confident that customers will benefit from Algeco’s industry-leading range of value-added products and services. Modular space is an attractive and growing market and acquisitions represent an important element of Algeco’s growth strategy.”

Charles Nagel and Koos Verloop, Managing Directors of BUKO Huisvesting and BUKO Bouw & Winkels, said: “We are delighted to join the Algeco Group as we continue to build our business in temporary and semi-permanent modular buildings. We are excited by the potential to broaden our offering to customers as part of Europe’s leading provider of modular space.”

About BUKO Huisvesting and BUKO Bouw & Winkels

The acquired businesses of BUKO Huisvesting and BUKO Bouw & Winkels are leading providers of temporary and semi-permanent buildings and additional products and services for education, healthcare, construction, retail and the government in the Netherlands. The privately held company has a strong position in the Netherlands, with its largest locations in Beverwijk and Zaltbommel.

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

Cautionary Notice Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect Modulaire Group's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. In particular, we may not be able to realize the anticipated benefits of the acquisition of BUKO Huisvesting and BUKO Bouw & Winkels. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

LONDON (September 6th 2019) – Algeco Group, Europe and Asia Pacific’s leading business services company specialising in modular space, has today announced that Andrew Tyler, Chief Executive Officer, will be stepping down from his role in November 2019.

Algeco has initiated the search for a new CEO to work alongside Mike Smith, Chairman, who joined the business earlier this year to lead the next phase of the company’s growth. Andrew will continue to support Algeco’s Executive team through the transition period.

As CEO of Algeco, Andrew led the creation of Algeco Group, integrating the European and Asia Pacific businesses and moving the Headquarters from Baltimore to London. He oversaw the successful integration of Touax Solutions Modulaires and the spin-off of Target Hospitality, the North American remote accommodation business. During his tenure the Company has grown significantly, with underlying EBITDA growth of 26% (including the integration of a significant acquisition). At the 2019 Half-Year EBITDA grew 6% organically in challenging trading conditions. In the past year net leverage was reduced from 6.2x to 4.6x.

Today, Algeco is Europe and Asia Pacific's leading business services company specialising in modular space with approximately 240,000 modular space and storage units. The business benefits from strong recurring revenue streams, a best-in-class value added products and services offering and plays into the broader secular trend towards modularisation and agile space solutions.

Mike Smith, Chairman, said: “Andrew has led a period of major change at Algeco and I would like to thank him for his significant contribution and wish him all the very best in the future.”

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

• Total revenues of €226 million and growth in underlying EBITDA before IFRS 16 of 4.5% to €55 million
• Strong cash generation with 52% cash conversion

LONDON (21 August 2019) – 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 resilient financial performance for the second quarter of 2019.

For the three months to 30 June 2019, the Group delivered total revenues of €226 million, 5.2% lower versus the prior year. Modular space leasing revenues were marginally lower with a 4.0% increase in revenue per unit offset by 5.7% fewer units on rent. Revenue per unit growth reflected a 1.8% increase in the average rental rate (ARR) and 9.2% growth of value-added products and services (VAPS). The average utilisation rate remained broadly flat at 80%. New unit sales were below last year principally due to the timing of projects; for the first half, sales are in line with 2018.

The Group demonstrated its resilience with underlying EBITDA before IFRS 16 increasing by 4.5% to €55 million. EBITDA margin increased by two percentage points as a result of higher average prices, improved VAPS penetration and strict cost control. Cash conversion year-to-date increased by 2 percentage points to 52%.

Net leverage at the period end was 4.6x, down from 6.2x at 30 June 2018. Our cash position remains strong with €460 million on the balance sheet.

Andrew Tyler, Algeco’s Chief Executive Officer, said: “We have delivered a resilient performance in the second quarter with growth in underlying EBITDA and continued strong cash conversion despite challenging market conditions. We will remain focused on margin, cash flow and a disciplined approach to capital allocation as we continue to execute against our strategy.”

Notes

Algeco has posted its second quarter 2019 financial report and slide presentation to accompany the second quarter 2019 financial results conference call (scheduled for Thursday 22 August 2019 at 3.00pm BST, 10:00 a.m. Eastern Time) at www.modulairegroup.com/investors/financial-reports.

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

LONDON (13 August 2019) – 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 2019 financial results conference call on Thursday 22 August 2019 at 3:00pm BST (10:00 a.m., Eastern Time).

To access the call, please dial:

UK: +44 3333000804 or 08003589473 (UK toll free)

US: +1 6319131422 or +1 855 85 70686 (US toll free)

and enter participant PIN code 69743155## approximately ten minutes prior to the start of the call. You will be placed on hold until the event begins. The conference call will also be broadcast over the internet with an accompanying slide presentation. To join the web conference, go to: https://event.on24.com/wcc/r/2068851-1/35826EB879DC8377F9E5C6BAD53398BA

Please enter your name, email address and company to join the call. The customer service team can be reached at any time by pressing *0 on your telephone keypad.

Prior to the call, the slide presentation and second quarter 2019 financial information will be available at www.modulairegroup.com/investors/financial-reports. Following the call, a recording of the call will also be available.

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

LONDON (18 June 2019) - Algeco Group, Europe and Asia Pacific’s leading business services company specialising in modular space, has today announced the appointment of Mike Smith as Chairman to lead the next phase of the company’s growth.

Mike Smith will succeed Paul Lester, who is stepping down after three and a half years as Chairman of Algeco, during which time he has overseen the successful development of the business from €167 million of EBITDA in 2015 to over €230 million today. Algeco has undergone a period of significant change under Paul’s leadership, including the acquisition and integration of Touax Solutions Modulaires and the spin-offs of Williams Scotsman, the North American modular leasing business, and Target Hospitality, the North American remote accommodation business.

Today, Algeco is Europe and Asia Pacific’s leading business services company specialising in modular space with approximately 250,000 modular space and storage units. The business benefits from strong recurring revenue streams, a best-in-class value added products and services offering and plays into the broader secular trend towards modularisation and agile space solutions.

Paul Lester commented, “The business has undergone a fundamental change over the past three and a half years. As the group embarks on its next phase of development, I feel that now is the right time for a new chair who brings new perspectives and ideas. I look forward to supporting Mike in his new role.”

In addition to this appointment, Mike Smith serves as the Chairman of International Car Wash Group (ICWG), leading the successful exit of ICWG by TDR Capital to Roark Capital in 2017. Under Mike’s leadership, the business cemented its position as the world’s largest independent conveyor car wash operator, with over 900 sites spanning 14 countries having successfully entered the US market in 2015 and completed 12 acquisitions under TDR’s ownership. Mike first joined ICWG in 1999 as Chief Operating Officer from British Petroleum where he was head of Retail Planning and Strategy for BP's global retail business and has been Chairman of ICWG since re-joining the business in 2009.

Mike Smith commented, “I’m very much looking forward to taking on this new role. Algeco is a great company with very exciting prospects. The business is in strong health thanks to the transformative actions that have taken place over the last few years. Having seen the success of Williams Scotsman in North America since its IPO in 2017, I believe there is significant runway for Algeco ahead.”

Gary Lindsay, Partner at TDR Capital commented, “I would like to thank Paul for his significant contribution to Algeco; an +11% EBITDA CAGR over four years is extremely impressive and testament to Paul’s efforts driving the business. As the company embarks on its next phase of development, I am pleased to welcome Mike, whose operational pedigree and track record is second to none. Mike is well-known to TDR Capital and the broader private equity and infrastructure community. He chaired ICWG and sat on the board of EG Group, both TDR portfolio companies, and is ideally placed to lead Algeco going forward.”

Cautionary Notice Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect Modulaire Group's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

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