London (19th January 2021) Four of the leading modular building companies in the Nordic region – Malthus Uniteam, Wexus, Algeco and Temporary Space Nordics – are today delighted to announce that they are coming together to operate under one brand, Algeco.

With a fleet of over 20,000 rental modules across Norway, Finland, Sweden and Denmark, Algeco will combine the strengths and expertise of these four companies, providing customers with even more choice and better value.

Algeco will be led across the Nordics by Steinar Aasland, formerly CEO of Malthus Uniteam. He will be supported by MDs in each of the individual Nordic markets, and an MD at Algeco’s manufacturing facility in Estonia.

Steinar Aasland, MD, Algeco, commented: ‟Trading as Algeco in each of our Nordic markets it will be easier for our customers, who can now turn to us as one supplier for a huge range of products and support whilst continuing to receive the highest levels of service. Local knowledge, expertise and strong relationships will remain central to Algeco’s success and we will continue to empower local management and their teams to deliver for our customers in each country. This is an exciting time for Algeco and I look forward to working with my colleagues to build this great business.”

Algeco, Malthus Uniteam, Wexus, and Temporary Space Nordics are all owned by Modulaire Group, Europe and Asia Pacific’s leading modular space company.

Mark Higson, Chief Executive Officer, Modulaire Group, commented: ‟Malthus Uniteam, Wexus, Algeco and Temporary Space Nordics are all well-positioned within their own markets, each driven by their high quality products and solutions, their strong customer relationships, and their expert local management teams. Together as Algeco they will be even stronger for their customers and colleagues. This will further enhance their position across the Nordics and ultimately support the goal of being the number one player in this important and growing market.”

About Modulaire Group

Modulaire Group is a leading business services company specialising in modular space. We offer sales and rentals of high quality temporary modular buildings, barracks and containers across a number of sectors, including public administration (schools, preschools, care facilities), construction, infrastructure and energy.  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 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott 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

London (23 December 2020) - Modulaire Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Advanté Ltd (“Advanté”) in the UK.

Advanté created and continues to be a leading player in the market in hire and after sales service of premium, eco-friendly instant start welfare accommodation with the Oasis brand. Their 500 modules enable contractors to commence work on site without delay, providing workers with welfare and office facilities, at the start and end of a construction project. Advanté has approximately 50 employees and annual revenue of £11m.

Advanté’s experienced management team will remain with the business which will operate as a specialist company alongside Elliott, Modulaire Group’s existing business in the UK.

Environmental impact sits at the core of Advanté’s business model, meaning customers will benefit from a reduced carbon footprint, fuel efficiency and the use of renewable energy and resources. This, coupled with clear strategic growth drivers, a strong financial track record and Advanté’s long-standing relationships with its customers, will complement and strengthen Modulaire Group’s position in the UK market. 

Advanté is Modulaire Group’s sixth acquisition in 2020 worldwide. A targeted acquisition strategy is 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, said:

“I am delighted to welcome Advanté to Modulaire Group. Their technical innovation, high-quality service and industry leading environmental credentials have all contributed to Advanté’s position as a specialist business focussing on welfare units in the UK. Management’s strong customer relationships mean they are well positioned for the significant opportunities that are emerging, particularly within the housebuilding and construction industries in the UK.”

Mandy Messenger, Advanté’s Managing Director, said:

“Our focus on innovation and close, long-term working relationships with our customers have been key to Advanté’s success and we are proud of the Oasis brand reputation. The investments we have made in recent years have improved our resilience and we are well placed to deliver on the many growth opportunities we see ahead of us. As part of Modulaire Group we look forward to realising our full potential.”

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 25 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott 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 Advanté Ltd

Advanté is a specialist provider of instant start welfare accommodation that provides facilities to workers before utilities have been connected to a site. Advanté operates 500 units across the UK under the Oasis brand. Advanté’ has a strong heritage of innovation and its fleet uses renewable energy and low emission generators to minimise the carbon footprint for customers.

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 third quarter 2020 Financial Report: Another strong financial performance driven by continued progress against strategic objectives

• Organic EBITDA increased 11% (€8m); including acquisitions EBITDA grew 34% to €101m
• Total Revenues increased by 29% to €335m (including acquisitions)
• Continued strong liquidity and cash generation with 82% year to date cash conversion before growth capex and deleveraging during 2020

LONDON (17^th November 2020) – Modulaire Group (together with its subsidiaries, the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular space, today announces a strong performance for the third quarter of 2020.

For the three months to 30 September 2020, the Group delivered total revenues of €335 million, up 29% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by €17 million (6.5%) driven by both growth in modular space leasing and sales.

Utilisation rose to 85% at the end of the third quarter while units on rent increased by 11,600 excluding acquisitions. Units on Rent were 17.1% higher including acquisitions. Organic revenue per unit grew by 5.6% and by 10% including acquisitions. Organic EBITDA increased 11% (€8m) driven by continued progress against the Group’s strategic objectives. Including M&A EBITDA grew 34% to €101m, as the integration of recent acquisitions continues to progress well. Cash conversion remained strong at 53% the year to date, with growth capex deferred from the second quarter, and 82% before growth capex.

Net leverage at the period end was 5.1x on a pro forma basis and has reduced during 2020. The liquidity position remains strong with €259 million of cash on the balance sheet at 30 September alongside €105 million ABL availability and a further €103 million held outside the Restricted Group.

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

Mark Higson, Modulaire Group’s Chief Executive Officer, said: “Modulaire Group delivered another strong quarter. The team remains focused on executing our strategy which continues to drive growth in the business and value for all of our stakeholders.

We were delighted to further strengthen our presence in the Nordics after the quarter end by welcoming Temporary Space Nordics into the business and we look forward to the opportunities that this presents for all of our stakeholders as we integrate under the Algeco brand. Elsewhere, we maintain an active M&A pipeline and, supported by our proven and resilient business model, we are well placed to take advantage of future market opportunities.”

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 25 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, Wexus and Temporary Space Nordics in Scandinavia, 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 (23 October 2020) – Modulaire Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Temporary Space Nordics (“TSN”). This follows the announcement on 18 August 2020 that Modulaire Group had agreed to acquire TSN from Procuritas and other shareholders. The transaction was subject to review by the Danish competition authority, which has now approved the acquisition.

Headquartered in Bro, Sweden, TSN is a leading provider of high-quality temporary space solutions for public and private customers across the Nordic region. TSN has a local presence in Sweden, Norway, Finland and Denmark, which marks Modulaire Group’s entry into the Danish market.

TSN operates a rental fleet of c. 7,500 modules capable of solving temporary needs for a wide range of applications including schools, kindergartens, offices, accommodation and site units for infrastructure and other construction. TSN recorded total pro forma revenue of €41m in 2019.

TSN’s well-invested fleet, and range of long-term customer contracts – of which over 50% are in the public sector – is highly complementary to Modulaire Group’s existing presence in the region. This transaction will further strengthen Modulaire Group’s position in the Nordic modular space market that has grown at a CAGR of 12% from 2015 to 2018.

Mark Higson, Modulaire Group’s Chief Executive Officer, said: “I am delighted to welcome TSN into the Modulaire Group. We have a strong and growing business within the Nordics and this acquisition further develops our presence in Sweden, Norway and Finland, and secures a strong market position in Denmark, a new and important geography for us.”

Magnus Kjellin, Temporary Space Nordic’s CEO, said: “We are excited to join Modulaire Group and become part of the leading modular space provider in Europe. Our team is proud of the best-in-class service and products we provide to our customers and we look forward to further success and growth across our markets.”

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, Wexus and Temporary Space Nordics in the Nordic, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

About Temporary Space Nordics

Temporary Space Nordics offers high quality temporary modular building solutions primarily for schools, pre-schools, offices, infrastructure and accommodation for public, infrastructure and private customers. The company was founded in Uppsala, Sweden, in the 1980’s, and was previously operated as separate business units within Ramirent Plc before being carved out in 2018 and acquiring the modular building business of GSV Materieludlejning A/S in 2019. Today, TSN is headquartered in Sweden with operations in Norway, Denmark and Finland as well.

For further information

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

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

London (5th October 2020) - Algeco Group, Europe and Asia Pacific’s leading business services company specialising in modular space, today announces it is changing its name to Modulaire Group. 

The change to Modulaire Group reflects the transformation of the business in recent years, including the acquisition of six leading operators in the modular solutions market, primarily across Europe.

The change in name relates to Group-level only. With operations in 24 countries overall, the Company will continue to operate locally under the existing names. Those are Algeco in much of 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. 

The Company continues to make strong progress against its clear strategic priorities for driving profitability across the business through an efficient cost base, a focus on optimising sales volume and price through management of performance to the branch level, effective capital investment, and a targeted acquisition strategy.

Algeco Global Finance plc and Algeco Global Finance 2 plc, which issue senior secured notes and senior notes respectively, will be re-named Modulaire Global Finance plc and Modulaire Global Finance 2 plc in due course.

Those who were previously able to access the Investor section of the website will continue to do so upon re-entering their login details.

Please visit www.modulairegroup.com for more information. 

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
investorrelations@modulairegroup.com
07841 563541

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

London (25th August 2020) – Algeco Group, Europe and Asia Pacific’s leading business services company specialising in modular space, is pleased to announce the appointment of Simon Gordon as Group Chief Financial Officer.

Simon will take up his role on 1st September 2020, replacing Sunny Thakrar who will remain with the Group having been promoted to Deputy CEO and Chief Operating Officer. Sunny will support Simon to ensure a full and effective transition and will continue to drive the Group’s commercial strategy in his new role.

Simon was most recently CFO at Addison Lee, the world’s largest executive car service operator, where he has supported the business with its organic and acquisition-led growth. Before joining Addison Lee in June 2018, Simon was CFO at Spire Healthcare Group from 2011-2018, and Virgin Active Group from 2004-2010.

Simon will be a key part of the Executive Team as it continues to make strong progress against its clear strategic priorities for driving profitability across the business through an efficient cost base, a focus on optimising sales volume and price through management of performance to the branch level, effective capital investment, and a targeted acquisition strategy.

Commenting on the appointment, Mark Higson, CEO said: “I am delighted to announce Simon’s appointment. He is a highly experienced CFO with a strong track record of supporting companies in their growth, both organically and through acquisition, and in domestic and international markets.

On behalf of the Group, I would also like to thank Sunny for his enormous contribution to date in his role as CFO and congratulate him on his promotion. I am excited to continue to work with Simon, Sunny and the wider team to drive the business forward.”

Simon Gordon said: “Thanks to the strategic actions that have taken place, Algeco has an incredibly exciting future ahead. I look forward to being part of the team as it continues to deliver value for customers, returns for investors and great opportunities for its people.”

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
investorrelations@modulairegroup.com
07841 563541

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

LONDON (18 August 2020) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it has agreed to acquire Temporary Space Nordics (“TSN”) from Procuritas and other shareholders.

Headquartered in Bro, Sweden, Temporary Space Nordics is a leading provider of high-quality temporary space solutions for public and private customers across the Nordic region, with a local presence in Sweden, Denmark, Norway and Finland.

TSN operates a rental fleet of c. 7,500 modules capable of solving temporary needs for a wide range of applications including schools, kindergartens, offices, accommodation and site units for infrastructure and other construction. TSN recorded total pro forma revenue of €41m in 2019.

TSN’s well-invested fleet, and range of long-term customer contracts – of which over 50% are in the public sector – is highly complementary to Algeco’s existing presence in the region. Furthermore, this transaction will strengthen Algeco’s position in a growing Nordic modular space market, greatly expanding the Group’s presence in Sweden and securing a strong market position in Denmark.

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

Mark Higson, Algeco’s Chief Executive Officer, said: “I am delighted to welcome TSN Group into the Algeco business. The Nordic market is particularly attractive to us and this adds significantly to our presence in Sweden, strengthens our positions in Norway and Finland and marks our entry into the Danish market.”

Magnus Kjellin, Temporary Space Nordics’s CEO, said: “After a period of expansion, we are very excited to now be joining the Algeco Group. Our customers will continue to benefit not only from the highest quality solutions and our best-in-class service, but also Algeco’s expertise, scale and leadership position in Europe.”

About Temporary Space Nordics

Temporary Space Nordics offers high quality temporary modular building solutions primarily for schools, pre-schools, offices, infrastructure and accommodation for public, infrastructure and private customers. The company was founded in Uppsala, Sweden, in the 1980’s, and was previously operated as separate business units within Ramirent Plc before being carved out in 2018 and acquiring the modular building business of GSV Materieludlejning A/S in 2019. Today, TSN is headquartered in Sweden with operations in Norway, Denmark and Finland as well.

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
investorrelations@modulairegroup.com
07841 563541

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

• Organic EBITDA increased 10% (€6m); including acquisitions EBITDA grew 32% to €84m
• Total Revenues increased by 23.5% to €279m (including acquisitions)
• Continued strong liquidity and cash generation with 84% year to date cash conversion before growth capex and 59% after growth capex

LONDON (13 August 2020) – Algeco Investments B.V. (together with its subsidiaries, “Algeco” or the “Group”), Europe and Asia Pacific’s leading business services company specialising in modular space, today announced a strong performance for the second quarter of 2020.

For the three months to 30 June 2020, the Group delivered total revenues of €279 million, up 23.5% versus the prior year including acquisitions. Prior to acquisitions, total revenue grew by €2m (1.1%) driven by 15% growth in modular space leasing, offset by lower delivery and installation income as a result of Covid‐19 restrictions.

Utilisation rose to 83% at the end of the second quarter while units on rent increased by 4,200 in the quarter excluding acquisitions. Average Units on Rent were 9.3% higher including acquisitions. Organic EBITDA increased 10% (€6m) driven by continued progress against Algeco’s strategic objectives. Including M&A EBITDA grew 32% to €84m, as the integration of recent acquisitions continues to progress well. Cash conversion remained strong at 59% in the year to date and 84% before growth capex.

Net leverage at the period end was 5.2x on a pro forma basis. The liquidity position remains strong with €207 million of cash on the balance sheet at 30 June alongside €74m ABL availability and a further €103m held outside the Restricted Group.

Mark Higson, Algeco’s Chief Executive Officer, said: “Algeco delivered a strong second quarter for 2020, despite tough market conditions. Progress made against our strategy continues to drive value for all of our stakeholders, as we delivered an increase in organic EBITDA of 10% and total revenue up 23.5% in the period. We were delighted to add to our presence in the Nordics by welcoming Wexus into the business in the second quarter, and we maintain an active pipeline of future M&A opportunities supporting our potential for further growth.”

Notes

Algeco has posted its second quarter 2020 financial report and slide presentation to accompany the second quarter 2020 financial results conference call (scheduled for Thursday 13 August 2020 at 3.00pm BST, 10.00am Eastern Time) at 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. Algeco invites all interested parties to register at their earliest convenience by visiting www.modulairegroup.com/investors/apply.

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
investorrelations@modulairegroup.com
07841 563541

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

LONDON (7 August 2020) – Algeco Investments B.V. (together with its subsidiaries, “Algeco”), the leading business services company specialising in modular space, today announced that it will hold its second quarter 2020 financial results conference call on Thursday 13 August 2020 at 3:00pm BST (10:00 a.m., Eastern Time).

Prior to the call, the slide presentation, second quarter 2020 financial information and dial-in details will be available at 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. Algeco invites all interested parties to register at their earliest convenience by visiting www.modulairegroup.com/investors/apply

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
investorrelations@modulairegroup.com
07841 563541

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

LONDON (July 2, 2020) – Algeco Investments B.V. (together with its subsidiaries, the “Group”), today announced that one of its subsidiaries, Algeco Global Finance plc, a public limited company incorporated under the laws of England and Wales (the “Issuer”), has successfully priced its offering of €175,000,000 in aggregate principal amount of additional 6½% senior secured notes due 2023 at an issue price of 94.000% (the “Notes”), plus accrued interest from February 15, 2020. The Notes will be issued under the indenture dated February 15, 2018 (the “Indenture”) governing, among other things, the Issuer’s existing euro-denominated 6½% senior secured notes due 2023 (the “Existing Notes”), and will constitute a single class of securities with the Existing Notes for all purposes under the Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. However, the Notes will not be fungible with the Existing Notes for U.S. federal income tax purposes, and as a result will be issued with separate common codes and International Securities Identification Numbers from those assigned to the Existing Notes. The offering of the Notes is expected to close on or about July 10, 2020, subject to customary conditions precedent for similar transactions.

If completed, the proceeds from the offering of the Notes will be used by the Group (i) for general corporate purposes, including to fund certain strategic investments and add-on acquisitions and (ii) to pay the costs, fees and expenses incurred in connection with the offering of the Notes.

The Notes are being offered only to qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act and, if an investor is a resident of a member state of the European Economic Area (the “EEA”) or of the United Kingdom, not to a retail investor. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Algeco

Algeco 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. Algeco has operations in 23 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms, each as of March 31, 2020. The company operates as Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting and BUKO Bouw & Winkels in The Netherlands, Malthus Uniteam and Wexus in Norway and Sweden, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements,” particularly those statements concerning expectations regarding the use of proceeds from the offering of the Notes. A number of risks and uncertainties could cause our actual results to differ materially from current projections, forecasts, estimates and expectations relating to us. Any or all of these forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond our control.

Disclaimer

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Promotion of the Notes in the United Kingdom is restricted by the Financial Services and Markets Act 2000 (the “FSMA”), and accordingly, the Notes are not being promoted to the general public in the United Kingdom. This announcement is for distribution only to, and is only directed at, persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order or (iii) are persons to whom an invitation or inducement to engage in investment activity within the meaning of section 21 of the FSMA in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on by anyone who is not a relevant person.

In addition, this announcement and the offering of any securities described herein are only addressed to and directed at persons in a member state of the EEA or in the United Kingdom who are “qualified investors” within the meaning of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that member state. The offer and sale of the Notes will be made pursuant to an exception under the Prospectus Regulation from the requirement to produce a prospectus for offers of securities. This announcement does not constitute a prospectus within the meaning of the Prospectus Regulation or an offer to the public.

The distribution of this announcement into certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

For further information

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

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