LONDON (4 June 2020) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it has agreed to acquire Wexus Group AS (“Wexus”) from Norvestor Equity AS and other shareholders. 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 production facility in Estonia. Wexus operates a fleet of c. 1,600 units, has c. 110 employees and revenues of c. €30m (297 million NOK) in 2019.
Founded in 2014, Wexus’s focus on operational excellence for its customers has underpinned its strong revenue growth (revenue CAGR of over 50% for 2015-2019). The highly experienced management team will continue to drive the business forward under the Algeco Group.
This transaction will further strengthen Algeco’s position in an attractive and expanding Nordic modular space market. Wexus’ core addressable market has grown at a CAGR of 12% from 2015 to 2018. Independent analysts expect this growth to continue in the years ahead, supported in part by a commitment to significant infrastructure investment as part of a broader Government stimulus package.
The transaction, which is subject to review by the Norwegian competition authority, is expected to close in Q3 2020.
Mark Higson, Algeco’s Chief Executive Officer, said: “High quality acquisitions are a key component of our strategy, complementing our focus on organic growth and operational performance. This transaction further builds on Algeco’s leading position in the highly attractive Nordic modular space market. I am delighted to welcome a very experienced management team into the Algeco Group, and I’m excited that they will continue to lead this business and build on a robust track record of value creation going forward.”
Egil Messmer, Co-founder and Chief Executive Officer of Wexus Group, said: “After several years of growth as an entrepreneurial company, becoming part of the Algeco Group is both a great pleasure and an important step for our business. We are certain that the combination of our Nordic platform, together with Algeco’s size and international experience, will lead to even greater success in the coming years. Together with my team I look forward to becoming part of the Algeco family. “
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