• 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.

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For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

LONDON (6 August 2021) – Modulaire Group, a leading business services company specialising in modular space, today announced that it will hold its second quarter financial results conference call on Thursday 12^th August 2021 at 3:00pm BST (10:00 a.m., Eastern Time).

Prior to the call, the slide presentation, Q2 2021 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 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 271,000 modular space and portable storage units and 3,400 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.

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For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

LONDON (30 July 2021) - Modulaire Group, Europe and Asia Pacific’s leading business services company specialising in modular services and infrastructure, is pleased to announce that it has completed the acquisition of Tecnifor S.p.A and the business and operations of Locabox S.r.l. and F.A.E. S.p.A. from the shareholders.

Headquartered in San Gemini, near Rome, Tecnifor and Locabox are together one of the leading providers of modular building leasing solutions in Italy. The company operates a fleet of over 12,000 modular units primarily for clients within construction and public administration. FAE also operates a facility in San Gemini that manufactures units for the rental fleet or sales market.

Tecnifor, Locabox and FAE have approximately 140 employees and annual revenue of c.€35m.

A targeted acquisition strategy is one of Modulaire Group’s four strategic objectives, alongside a focus on optimising sales, an efficient cost base and granular management of branch level performance, and effective capital investment.

Mark Higson, Modulaire Group’s Chief Executive Officer, commented:

“High quality acquisitions are a core component of our strategy, alongside our focus on organic growth and operational performance. This acquisition strengthens Modulaire Group’s presence in Italy, building on our existing position. I am delighted to welcome Tecnifor, Locabox and FAE into the Group and look forward to working with their highly experienced and expert management team.” 

END 
 

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 271,000 modular space and portable storage units and 3,400 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 (09 July 2021) - Modulaire Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Procomm Site Services Ltd (“Procomm”).

Procomm is a leading provider of portable modular accommodation in the UK with a broad range of end markets including general construction, public sector and petro-chemical. With four strategically placed depots across the country, its c. 8,000 strong fleet is highly compatible with Modulaire Group’s existing UK businesses. Procomm has 125 employees and an annual 2020 revenue of c.£19m.

The expert management team, with over 100 years of collective industry experience and strong track record, will remain with Procomm, which will operate alongside Elliott, Carter and Advanté, Modulaire Group’s other specialist businesses in the UK.

Procomm marks Modulaire Group’s third 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.

Mark Higson, Modulaire Group’s Chief Executive Officer, commented:
“I am delighted to welcome Procomm into the Modulaire Group and look forward to working with their highly experienced management team. Procomm’s well-invested and maintained fleet, alongside its diversified portfolio of attractive end-markets will further strengthen Modulaire Group’s position in the UK.”

Bernie Cranny, Managing Director of Procomm, said:
“We’re really excited to join Modulaire Group and become part of the leading modular space provider in Europe. We’re proud of the growth we have achieved to date and look forward to embarking on the next stage of our journey.”

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 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

About Procomm

Procomm Site Services Ltd was formed in 2002 in the Northeast of England. The business grew its national coverage and now has four strategically placed depots and a hire fleet of c. 8,000 units. The majority of the fleet comprises a highly versatile range of modular bays and this is complemented by AV and site storage units.  Procomm has built its reputation on the quality of supply and excellent backup service.

For further information
Investor relations:
investorrelations@modulairegroup.com
07841 563541

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

London [27 June 2021] – Modulaire Group (“Modulaire” or “the Group”), Europe and Asia Pacific’s leading infrastructure services company specialising in modular services, is pleased to announce that its shareholders have entered into an agreement to sell the Group to investment funds managed by Brookfield Business Partners L.P. (“Brookfield”).

Brookfield is acquiring Modulaire from its shareholders which include investment funds managed by TDR Capital LLP (“TDR”), a leading UK-based private equity firm. The transaction, which is subject to customary regulatory and competition clearances, is expected to close in Q4 2021.

Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management, a leading global alternative asset manager with over $600 billion of assets under management.

Under TDR’s ownership, Modulaire has grown to become the leading provider of modular services and infrastructure in Europe and Asia Pacific. The Group’s experienced management team has strengthened the business through a focus on four strategic objectives of granular management of branch-level performance, continuous efficiency improvement, disciplined capital deployment and a targeted acquisition strategy.

Modulaire is expected to deliver strong continued growth, supported by significant market and secular trends including post-COVID government stimulus programmes, aging building stock across Europe and a structural shift towards modular space. The business is also benefitting from strong ESG tailwinds as customers look to secure buildings with a smaller carbon footprint and reduced waste and energy consumption through construction.

Following the Group’s acquisition by Brookfield, Modulaire’s current management team will remain with the Group and continue to focus on driving the Group’s strategic growth agenda.

Mike Smith, Chairman of Modulaire Group, said: “Modulaire has made huge strides as a business over recent years and Brookfield’s investment is testament to the progress that has been made. I would like to thank TDR for the huge support they have given the management team and the business more broadly, helping set Modulaire up for continued growth in the future.”

Mark Higson, CEO of Modulaire Group said: “I am delighted to welcome Brookfield as a new investor in the business and look forward to benefitting from their sector experience as we continue to drive Modulaire’s growth. The significant transformation of our business in recent years is down to the hard work of my colleagues. We are all hugely excited about driving Modulaire’s continued growth in the future and we look forward to the opportunities ahead.”

Gary Lindsay, Partner at TDR Capital LLP, said: “We are delighted that Modulaire will have a strong and experienced partner in Brookfield that will continue to support and invest in the business. We believe Brookfield will be a very positive shareholder for Modulaire and look forward to witnessing its continued success in the future.”

Modulaire Group was advised by Goldman Sachs International, Morgan Stanley, JP Morgan and STJ Advisors, with legal advice from Linklaters LLP.

About Modulaire Group

Modulaire Group is the 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 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information
Investor relations:
investorrelations@modulairegroup.com
07841 563541

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

MODULAIRE GROUP ANNOUNCES FISCAL YEAR 2020

FINANCIAL RESULTS CONFERENCE CALL

LONDON (26 March 2021) – Modulaire Group, the leading business services company specialising in modular space, today announced that it will hold its fiscal year 2020 financial results conference call on Wednesday 31^st  March 2021 at 3:00pm BST (10:00 a.m., Eastern Time).

Prior to the call, the slide presentation, fiscal year 2020 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 Group is the 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 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

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For further information:

Investor relations: Phil Vellacott

investorrelations@modulairegroup.com

07841 563541

Media enquiries: Tulchan Communications

modulairegroup@tulchangroup.com

0207 353 4200

Algeco Italy – proud to deliver a 44 unit eco-friendly school complex in Casal Palocco, Rome. Children are our future; the future is Smart Spaces.

LONDON (9 March 2021) - 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 Tecnifor S.p.A and the business and operations of Locabox S.r.l. and F.A.E. S.p.A. from the shareholders.

Headquartered in San Gemini, near Rome, Tecnifor and Locabox are together one of the leading providers of modular building leasing solutions in Italy. The company operates a fleet of over 12,000 modular units primarily for clients within construction and public administration. FAE also operates a facility in San Gemini that manufactures units for the rental fleet or sales market.

Tecnifor, Locabox and FAE have approximately 140 employees and annual revenue of c. €35m.

This marks Modulaire Group’s second acquisition in 2021 and ninth acquisition worldwide in the last 18 months. A targeted acquisition strategy remains one of Modulaire Group’s four strategic objectives, alongside a focus on optimising sales, an efficient cost base and granular management of branch level performance, and effective capital investment.

The transaction, which is subject to review by the Italian competition authority, is expected to close in Q3 2021.

Mark Higson, Modulaire Group’s Chief Executive Officer, commented.

“High quality acquisitions remain a core component of our strategy, alongside our focus on organic growth and operational performance. This acquisition will strengthen Modulaire Group’s presence in Italy, building on our existing position. I am delighted to welcome Tecnifor, Locabox and FAE into the Group and look forward to working with their highly experienced and expert management team.” 

About Modulaire Group

Modulaire Group is the 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 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, 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