Algeco strengthens Australian business with acquisition of Net Modular

February 7th 2020

LONDON Friday 7 February 2020 – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces the acquisition of Net Modular (“NET”) in Australia.

NET, which specialises in the manufacturing and servicing of premium modular buildings for schools, has held contracts with the New South Wales (NSW) Department of Education and Public Works for over 30 years. This acquisition further strengthens Algeco’s position in the Education sector in Australia. NET has approximately 70 employees and 2019 revenues of c.€50m (c.AUD75m).

Mike Smith, Chairman of Algeco, said: “The acquisition of NET further strengthens our presence in the Australian Education segment. I am delighted that the NET team will remain, and continue to lead and develop the business.

“Driving profitability through acquisitions is a clear priority for our business and we are making good progress in this regard with this being our 5th announced acquisition. The pipeline remains active and we look forward to announcing further acquisitions in the coming months.”

Ian Doherty, General Manager of NET, said: “We are delighted to be joining the Algeco team. Our client will continue to benefit from our best-in-class service delivery and quality, in addition to Algeco’s broader product and innovation capabilities.”

About NET Modular

NET is based near Newcastle in New South Wales, Australia. It has a 30 year history of building and maintaining high quality modular buildings for education across NSW.

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

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