Algeco announces CEO succession

September 6th 2019

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
07841 563541