Algeco announces completion of Malthus Uniteam
LONDON Tuesday 4 February 2020 – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Malthus Uniteam from Reiten & Co Capital Partners, IKM Industri-Invest AS, Hodne Kapital AS, Maaseide Holding AS and other shareholders.
With a fleet 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 generated revenues of approximately €75 million (NOK 750 million), and EBITDA of approximately €20 million (NOK 200 million).
Mike Smith, Chairman of Algeco, said: “This transaction transforms Algeco’s 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 strong growth of the Nordic markets. Furthermore, the customers of Malthus Uniteam will benefit from Algeco’s industry-leading range of value-added products and services. We look forward to working with the management team on the next phase of growth.”
Steinar Aasland, CEO of Malthus Uniteam said: “We are excited to have joined 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
0207 353 4200