Modulaire Group further strengthens UK presence with the acquisition of Mobile Mini UK

LONDON (13th December 2022) – Modulaire Group, Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to announce that it has agreed to acquire Mobile Mini UK Holdings Limited (“Mobile Mini UK”) from a subsidiary of WillScot Mobile Mini Holdings Corp.

With a national network of 16 locations in the UK, Mobile Mini UK is a leading supplier of steel storage and accommodation units across numerous sectors including construction, retail, manufacturing, healthcare, and education. Mobile Mini UK has approximately 42,000 units, 375 employees and an annual revenue of approximately £80m.

The transaction, which is subject to UK regulatory approval, is expected to close in Q1 2023.

******************

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business helps customers find the right space solution, no matter what their requirements. Modulaire has operations in 23 countries with over 290,000 modular space and portable storage units and 4,400 remote accommodation rooms. The company operates as Algeco, its largest brand, across much of Europe and the United Kingdom. Other operating brands include Advanté in the United Kingdom, Altempo in France, Algeco Chengdong in China, Ausco and NET Modular in Australia, and Portacom in New Zealand.

******************

For further information:

Investor relations:  Rosie Jones

investorrelations@modulairegroup.com

07866 946003

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

MODULAIRE GROUP ANNOUNCES Q3 2022 FINANCIAL RESULTS CONFERENCE CALL

LONDON (23^rd November 2022) – Modulaire Group, a leading business services company specialising in modular space, today announced that it will hold its third quarter financial results conference call on Tuesday 29^th November at 3:00pm GMT.

Prior to the call, the slide presentation, Q3 FY2022 financial information and dial-in details will be available at https://www.modulairegroup.com/investors/financial-reports that includes a password-protection feature.

Modulaire Group invites all interested parties to register at their earliest convenience by visiting https://www.modulairegroup.com/investors/apply. Access will be granted to existing and prospective lenders and noteholders and certain other eligible parties (including securities analysts and rating agencies) who have registered for an account.

******************

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire has operations in 23 countries with over 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco, its largest brand, across much of Europe and the United Kingdom. Other operating brands include Advanté in the United Kingdom, Algeco Chengdong in China, Ausco in Australia, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Portacom in New Zealand, and Tecnifor and Locabox in Italy.

******************

For further information:

Investor relations: Rosie Jones

investorrelations@modulairegroup.com

07866 946003

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

MODULAIRE GROUP ANNOUNCES JULY AND AUGUST 2022 ESTIMATED FINANCIAL RESULTS & PRICING OF A €140MM INCREMENTAL SENIOR SECURED TERM LOAN B

LONDON (5 October 2022) – Modulaire Group, Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, today announced its estimated financial results for the 2 months ending 31 July 2022 and 30 August 2022. The following information is not yet finalized, remains subject to completion and reflects management’s current estimates of the two months.

Revenue for July and August 2022 was €292 million, compared to €237 million for July and August 2021, an increase of €55 million, or 23%. Organic Revenue for July and August 2022 was €233 million, compared to €191 million for July and August 2021, an increase of €42 million, or 22%.

Underlying EBITDA for the Group for July and August 2022 was €88 million, compared to €79 million for July and August 2021, an increase of €9 million or 11%. Organic Underlying EBITDA for July and August 2022 was €66 million, compared to €63 million for July and August 2021, an increase of €4 million or 6%.

Cash flow from operations less capex, tax and movements in working capital for the Group for July and August 2022 was (€39) million, compared to (€47) million for July and August 2021, an improvement of €8 million or 17%.

In addition, Modulaire successfully priced an incremental €140m Senior Secured Term Loan B on a fungible basis to the existing €1,510m Term Loan B due December 2028 through a private syndication process. The transaction is due to close in the next few weeks. Proceeds are earmarked for future M&A and to pay associated deal fees and expenses. Associated ratings actions will be published by Moody’s, S&P and Fitch. Goldman Sachs acted as Sole Physical Bookrunner. ING and MUFG acted as Joint Bookrunners.

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire has operations in 24 countries with over 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco, its largest brand, across much of Europe and the United Kingdom. Other operating brands include Advanté in the United Kingdom, Algeco Chengdong in China, Ausco in Australia, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Portacom in New Zealand, and Tecnifor and Locabox in Italy.

******************

For further information:

Investor relations:

investorrelations@modulairegroup.com

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

MODULAIRE GROUP ANNOUNCES Q2 2022 FINANCIAL RESULTS CONFERENCE CALL

LONDON (8 August 2022) – Modulaire Group, Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, today announced that it will hold its second quarter financial results conference call on Tuesday 23rd August 2022 at 3:00pm BST (10:00 a.m., Eastern Time).

Prior to the call, the slide presentation, Q2 2022 financial information and dial-in details will be available at https://www.modulairegroup.com/investors/financial-reports that includes a password-protection feature. Access will be granted to existing and prospective lenders and noteholders and certain other eligible parties (including securities analysts and rating agencies) who have registered for an account. Modulaire Group invites all interested parties to register at their earliest convenience by visiting https://www.modulairegroup.com/investors/apply

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire has operations in 25 countries with over 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco, its largest brand, across much of Europe and the United Kingdom. Other operating brands include Advanté in the United Kingdom, Algeco Chengdong in China, Ausco in Australia, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Portacom in New Zealand, and Tecnifor and Locabox in Italy.

******************

For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

Modulaire Group releases first quarter 2022 Financial Report

Strong trading performance continues momentum

• Organic EBITDA increased by 11% to €87m; including acquisitions EBITDA grew 19% to €116m
• Total revenues increased by 16% to €370m including acquisitions

London (14 June 2022) – Modulaire Group (“Modulaire” or “Group”), Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to announce another strong performance for the first quarter of 2022.

For the three months to 31 March 2022, the Group delivered total revenues of €370, up 16% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by 9% driven by growth in both modular space leasing and sales.

Average utilisation remained strong at 86% for the first quarter (Q1, 2021: 85%) while units on rent increased by approximately 27,000 (12%) including acquisitions. Units on Rent increased by approximately 8,000 (4%) excluding acquisitions. Revenue per unit grew by 5%.

Organic EBITDA increased 11% to €87m, driven by continued progress against the Group’s strategic objectives. Including M&A, EBITDA grew 19% to €116m, as the integration of recent acquisitions continues to progress well.

The liquidity position remains strong with €388m of available funding as a combination of cash on hand and undrawn RCF facility. Net leverage remains consistent with levels reported at the time of the Term B Loan extension of c. 5.7 times Pro-Forma Underlying EBITDA.

Mark Higson, Modulaire Group’s Chief Executive Officer, said: “We are pleased with another good performance for our first quarter, delivering strong organic revenue and EBITDA growth. Once again, our operational and financial performance is a result of our relentless focus on executing our strategic priorities of safety, ESGS & people, organic growth, operational excellence and a targeted acquisition strategy.”

Management will host a conference call for investors on 15 June 2022, details of which are available at https://www.modulairegroup.com/investors/financial-reports.

Please note this page includes a password-protection feature. Access will be granted to eligible parties (including securities analysts and rating agencies) who have registered for an account. Modulaire Group invites all interested parties to register at their earliest convenience by visiting https://www.modulairegroup.com/investors/apply

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire has operations in 25 countries with over 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco, its largest brand, across much of Europe and the United Kingdom. Other operating brands include Advanté in the United Kingdom, Algeco Chengdong in China, Ausco in Australia, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Portacom in New Zealand, and Tecnifor and Locabox in Italy.

For further information

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries:

Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

Modulaire Group Annual Report for the period ended 31 December 2021

• Group strategy continuing to deliver strong revenue and margin growth

London (27 May 2022) – Modulaire Group (“Modulaire” or “Group”), Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to announce publication of its annual report for the period ended 31 December 2021 along with a pro-forma business review as per the FY21 trading update published on 7 February 2022.

Modulaire’s continued execution against its strategy delivered another strong financial performance over the year. Through a focus on the day-to-day business performance, efficiency improvements, disciplined capital deployment, and accretive M&A, the Group continued to build momentum, delivering strong growth in revenue and both gross and EBITDA margin over the period.

On June 27 2021, Modulaire announced that its shareholders entered into an agreement to sell the Group to investment funds managed by Brookfield Business Partners L.P. The transaction successfully closed on 15 December 2021.

Mark Higson, Modulaire Group’s Chief Executive Officer, said: “Our relentless focus on executing against our strategy continues to drive strong operational and financial performance. We were particularly pleased to see all geographic segments of the Organic business reporting growth in underlying EBITDA for FY21 versus FY20.”

Modulaire will announce its First Quarter FY22 financial results on 14 June 2022. Management will host a conference call for investors on 15 June 2022, details of which will be available at https://www.modulairegroup.com/investors/financial-reports.

Please note this page includes a password-protection feature. Access will be granted to eligible parties (including securities analysts and rating agencies) who have registered for an account. Modulaire Group invites all interested parties to register at their earliest convenience by visiting https://www.modulairegroup.com/investors/apply

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire has operations in 25 countries with over 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco in Europe, the United Kingdom and Scandinavia, Advanté in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

LONDON (27 April 2022) - Modulaire Group (“Modulaire” or “Group”), Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, has today announced changes to its leadership team.

Oliver Tant an experienced finance consultant has been engaged by the Group to provide support to Group finance for an initial period of six months.  Oliver brings a wealth of experience to the business with a distinguished career as a FTSE 30 CFO and Professional Services leader serving many large corporate clients around the world. Oliver was most recently Group CFO at Imperial Brands PLC.  

Oliver’s appointment follows the decision by Simon Gordon, Chief Financial Officer, to leave the business. Oliver and Simon have worked together on an orderly transition and Modulaire is conducting a search for a new CFO.

Modulaire also announces that it has made changes to its leadership structure with strategic business unit Managing Directors now reporting directly to the Chief Executive Officer and the creation of new Group Commercial Director and Group Operations Director positions.  

David Muntañola, the former Managing Director of Iberia and Group Business Solutions Director, has been promoted to Group Commercial Director with responsibility for developing pricing, VAPS solutions, product specifications, digital marketing and sales excellence.

Nick Pennell has been appointed as Group Operations Director. Nick joins Modulaire from Essentra, the FTSE 250 global manufacturer and distributor of various components, where he was most recently Group Programme Director, and Group Operations Director for four years prior to that. As Group Operations Director, Nick is responsible for health and safety, procurement, operational excellence and the Group’s assembly facilities.

Modulaire has also announced today that Sunny Thakrar, the Group Deputy Chief Executive Officer and Chief Operations Officer, has decided to leave the business.

Sunny has been a key figure in the development of the Modulaire business, which has positioned the business well for the future under Brookfield’s ownership. Sunny joined the Group as European Chief Financial Officer in 2016, later took on the role of Group Chief Financial Officer and was most recently Group Deputy Chief Executive Officer and Chief Operations Officer. 

Mark Higson, Chief Executive Officer, said: “I am excited about collaborating with David and Nick in their new roles and to be working with Oliver. We are all grateful to Simon and Sunny for their contributions to the business and wish them both well for the future.”

About Modulaire Group

Modulaire is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire has operations in 25 countries with approximately 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco in Europe, the United Kingdom and Scandinavia, Advanté in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information:

Investor relations: Phil Vellacott
investorrelations@modulairegroup.com
07841 563541

Media enquiries: Tulchan Communications
modulairegroup@tulchangroup.com
0207 353 4200

• Group strategy delivering strong revenue and margin growth
• Modulaire announces fundraising to repay existing debt and fund signed M&A

LONDON (7 February 2022) – Modulaire Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to provide a preliminary trading update for the financial year ended 31 December 2021.

The Group expects to report the following financial performance for the year:

• Group revenue of c. €1.42bn, up approximately 17% over the prior year
• Organic revenue growth for the year (excluding acquisitions) of c. 7%
• Underlying EBITDA for the Group of €460m, up c. 32% against the prior year with organic EBITDA growth for the year (excluding acquisitions) of c. 17%
• Expansion of both gross margin and EBITDA margin in the year
• Sustainable operating cashflow (before growth capex) improving to €228m (FY20: €209m)

On the back of the Group’s strong performance and given attractive market conditions, Modulaire has today announced plans to raise €250m via a fungible Term Loan B add-on. Proceeds, combined with the existing cash from the balance sheet, will be used to repay the existing HoldCo PIK held outside of the restricted group, repay the partially drawn Revolving Credit Facility, and fund signed M&A.

Mark Higson, CEO of Modulaire Group, said: “The execution of our strategy continues to drive strong operational and financial performance. Market demand shows further positive signs as each territory emerges from Covid-19 restrictions, and we look forward to capitalising on these opportunities.”

Mark Higson, CEO, and Simon Gordon, CFO, will host a short call to discuss the fund raising and trading update at 12pm GMT on Monday 7 February 2022. Dial-in details will be available at https://www.modulairegroup.com/investors/financial-reports. Please note this page includes a password-protection feature. Access will be granted to eligible parties (including securities analysts and rating agencies) who have registered for an account. Modulaire Group invites all interested parties to register at their earliest convenience by visiting https://www.modulairegroup.com/investors/apply

About Modulaire Group

Modulaire Group is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Carter Cabins, Procomm and Advanté in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

 For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

Focus on execution of strategy continues to drive strong growth

• Organic EBITDA increased 8%; including acquisitions EBITDA grew 22% to €123m
• Total revenues increased by 11% to €372m including acquisitions
• Continued strong liquidity and cash generation with 87% year-to-date cash conversion before growth capex and non-fleet capex

LONDON (29 November 2021) – Modulaire Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to announce another strong performance for the third quarter of 2021.

For the three months to 30 September 2021, the Group delivered total revenues of €372 million, up 11% versus the prior year including acquisitions, despite some delays to new project starts, particularly for sales.

Utilisation was sustained at 87% at the end of the third quarter (85%: Q3 2020) while units on rent increased by 17% (up 36,600 to 251,000). Units on Rent increased by 8,700 excluding acquisitions.

Organic EBITDA increased 8% driven by continued progress against the Group’s strategic objectives. Including M&A, EBITDA grew 22% to €123 million, as recent acquisitions continue to trade well.

Cash conversion remained strong at 92% before growth and non-fleet capex with discretionary growth capex supporting the units on rent increases.

Net leverage reduced to c. 4.7 times Pro-Forma Underlying EBITDA, down from 5.1 times at the end of the third quarter of 2020.

The Group continues to have positive momentum across its four strategic objectives through granular management of branch level performance to optimise volume and margin, an efficient cost base, effective capital investment and a targeted acquisition strategy.

On June 27, Modulaire announced that its shareholders have entered into an agreement to sell the Group to investment funds managed by Brookfield Business Partners L.P. The transaction, which is subject to customary regulatory and competition clearances, is expected to close in December 2021.

Mark Higson, Modulaire Group’s Chief Executive commented: “Executing against our strategy continues to drive our strong operational and financial performance in our business.

Our data-led commercial and operational focus combined with the stimulus packages announced by Governments in our key markets, means that we are well placed for the future. We have a healthy pipeline of M&A and, with a healthy balance sheet and proven ability to execute are well positioned to capitalise on these opportunities.

We are all hugely excited about the opportunities to continue driving Modulaire’s growth under the ownership of Brookfield.”

About Modulaire Group

Modulaire Group is a leader in European modular services and infrastructure. 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 25 countries with approximately 288,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté, Carter and Procomm in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

LONDON (19 November 2021) – Modulaire Group, a leading business services company specialising in modular space, is pleased to announce it has agreed to acquire Alquibalat, S.L. (“Balat”) in Spain.

Based in Pamplona, Balat is a leader in the Spanish market for the rent and sale of modular buildings, with a strong presence in the construction sector. It operates over 15,000 units from 15 sites in Spain and Portugal, including in Madrid, Barcelona, Bilbao, Coruna, Malaga, Seville, and Valencia.

Balat had revenues of €32 million in 2020 and has approximately 165 employees. The transaction, which remains subject to review by the CNMC, the Spanish competition authority, is expected to close by Spring 2022.

Mark Higson, Modulaire Group’s Chief Executive Officer, commented: “We are delighted to confirm the transaction with Balat, a leader in modular buildings in the growing Spanish market. The strength of the business is a testament to the experience and hard work of Management. I look forward to working with the team.”

Rafael Baranda, Chief Executive Officer of Balat said: “We believe the takeover by Modulaire Group will strengthen the future of Balat, support the next phases of growth and provide Balat’s team further opportunities to grow their careers. We would like to take this opportunity to thank our professionals for their hard work and commitment in developing Balat’s business.”

The acquisition of Balat will be Modulaire Group’s fourth acquisition in 2021 and the tenth acquisition worldwide since the beginning of 2020. A targeted acquisition strategy remains one of Modulaire Group’s four strategic objectives, alongside an efficient cost base, a focus on optimising sales and granular management of branch level performance, and effective capital investment.

About Modulaire Group

Modulaire Group is a leader in European modular services and infrastructure. 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 25 countries with approximately 267,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté, Carter and Procomm in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

******************

For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200