Algeco announces third Nordic acquisition with addition of Temporary Space Nordics
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
0207 353 4200