Algeco significantly strengthens Nordic presence with acquisition of Malthus Uniteam

December 23rd 2019

LONDON 23 December 2019 – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it has agreed to acquire Malthus Uniteam of Norway from Reiten & Co Capital Partners, IKM Industri-Invest AS, Hodne Kapital AS, Maaseide Holding AS and other shareholders.

The transaction will transform Algeco’s position in the Nordic modular space market. With a fleet size 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 will generate revenues of approximately €75 million (NOK 750 million), and EBITDA of approximately €20 million (NOK 200 million). The transaction, which is subject to review by the Norwegian competition authority, is expected to close in the first quarter of 2020.

Mike Smith, Chairman of Algeco, said: “This acquisition provides Algeco with a leading 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 growth of the Nordic markets. There will also be a good opportunity for Malthus Uniteam’s customers to benefit from Algeco’s industry-leading range of value-added products and services.”

Bård Brath Ingerø, Chairman of Malthus Uniteam said: “The shareholders are very pleased to hand over Malthus Uniteam to Algeco as a new owner of the company. We have a history of 45 years in the Nordic market and clearly customers and employees will benefit from joining forces with Algeco and continue to build a market leading position in the Nordics”.

Steinar Aasland, CEO of Malthus Uniteam said: “We are excited to join 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
07841 563541

Malthus Uniteam
Bård Ingerø
Chairman of Malthus Uniteam and Managing Partner of Reiten & Co Capital Partners

Cautionary Notice Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect Modulaire Group's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. In particular, we may not be able to realize the anticipated benefits of the acquisition of Malthus Uniteam. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.