Algeco strengthens european presence with acquisition of BUKO Huisvesting and BUKO Bouw & Winkels in the Netherlands

October 31st 2019

LONDON (31 October 2019) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces the acquisition of BUKO Huisvesting and BUKO Bouw & Winkels of the Netherlands.

The transaction will significantly strengthen Algeco’s position in the Dutch modular space market, increasing the size of its fleet from 3,000 to more than 15,000 units. BUKO Huisvesting and BUKO Bouw & Winkels operate in five locations, have 195 employees and have revenues of c. €60 million. The businesses were previously part of the Scheybeeck Group.

Mike Smith, Chairman of Algeco, said: “This acquisition is an important step forward for Algeco Group, since it materially strengthens our position and presence in the Dutch and European market. I welcome BUKO Huisvesting, BUKO Bouw & Winkels and their employees to the Group; I am confident that customers will benefit from Algeco’s industry-leading range of value-added products and services. Modular space is an attractive and growing market and acquisitions represent an important element of Algeco’s growth strategy.”

Charles Nagel and Koos Verloop, Managing Directors of BUKO Huisvesting and BUKO Bouw & Winkels, said: “We are delighted to join the Algeco Group as we continue to build our business in temporary and semi-permanent modular buildings. We are excited by the potential to broaden our offering to customers as part of Europe’s leading provider of modular space.”

About BUKO Huisvesting and BUKO Bouw & Winkels

The acquired businesses of BUKO Huisvesting and BUKO Bouw & Winkels are leading providers of temporary and semi-permanent buildings and additional products and services for education, healthcare, construction, retail and the government in the Netherlands. The privately held company has a strong position in the Netherlands, with its largest locations in Beverwijk and Zaltbommel.

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

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 BUKO Huisvesting and BUKO Bouw & Winkels. 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.