Algeco announces completion of Wexus Group Acquisition
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
0207 353 4200