London – July 1, 2020. Algeco Global Finance plc and Algeco Global Finance 2 plc (together with Algeco Investments B.V. and its other subsidiaries, the “Group”), today announced that they have made certain information available on their investor website. This information contains an update on the financial performance of the Group and certain other information and can be accessed at: www.modulairegroup.com/investors/financial-reports

This announcement may include projections and other “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Group’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements and the Group does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities and 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.

LONDON (1 July 2020) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Wexus Group AS (“Wexus”). This follows the announcement on 4 June 2020 that Algeco had agreed to acquire Wexus from Norvestor Equity AS and other shareholders. The transaction was subject to review by the Norwegian competition authority, which has now approved the acquisition.

This transaction will further strengthen Algeco’s position in the attractive Nordic modular space market that has grown at a CAGR of 12% from 2015 to 2018. Growth is expected to continue to be driven by long-term public sector contracts and infrastructure investment. Wexus is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, Wexus also has operations in Sweden and a modern wooden module production facility in Estonia that can support our enlarged business. Wexus operates a fleet of c. 1,600 units, has c. 110 employees and revenues of c. €35m in the twelve months to March 2020.

Mark Higson, Algeco’s Chief Executive Officer, said: “I am delighted to bring Wexus into the Algeco Group. This transaction further builds on Algeco’s leading position in the highly attractive Nordic modular space market. We look forward to working closely with the highly experienced Wexus management team as they continue to lead this business and build Wexus’ established track record of sustained revenue growth.”

Egil Messmer, Co-founder and Chief Executive Officer of Wexus Group, said: “We are excited to be embarking on the next stage in Wexus’ journey, as we join Europe’s leading modular space provider. The combination of our Nordic platform, together with Algeco’s international expertise and scale will lead to even greater value creation as we move forward."

About Wexus Group AS

Wexus Group focuses on the sale and rental of modular buildings for public projects, infrastructure, construction and oil & gas sectors in Norway and Sweden. It was established by a management team with over 75 years’ experience in the sector. Wexus provides flexible solutions to its customers using its modern factory in Estonia that has its own Technical Approvals from Sintef.

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 (4 June 2020) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it has agreed to acquire Wexus Group AS (“Wexus”) from Norvestor Equity AS and other shareholders. Wexus is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, Wexus also has operations in Sweden and a modern production facility in Estonia. Wexus operates a fleet of c. 1,600 units, has c. 110 employees and revenues of c. €30m (297 million NOK) in 2019.

Founded in 2014, Wexus’s focus on operational excellence for its customers has underpinned its strong revenue growth (revenue CAGR of over 50% for 2015-2019). The highly experienced management team will continue to drive the business forward under the Algeco Group.

This transaction will further strengthen Algeco’s position in an attractive and expanding Nordic modular space market. Wexus’ core addressable market has grown at a CAGR of 12% from 2015 to 2018. Independent analysts expect this growth to continue in the years ahead, supported in part by a commitment to significant infrastructure investment as part of a broader Government stimulus package.

The transaction, which is subject to review by the Norwegian competition authority, is expected to close in Q3 2020.

Mark Higson, Algeco’s Chief Executive Officer, said: “High quality acquisitions are a key component of our strategy, complementing our focus on organic growth and operational performance. This transaction further builds on Algeco’s leading position in the highly attractive Nordic modular space market. I am delighted to welcome a very experienced management team into the Algeco Group, and I’m excited that they will continue to lead this business and build on a robust track record of value creation going forward.”

Egil Messmer, Co-founder and Chief Executive Officer of Wexus Group, said: “After several years of growth as an entrepreneurial company, becoming part of the Algeco Group is both a great pleasure and an important step for our business. We are certain that the combination of our Nordic platform, together with Algeco’s size and international experience, will lead to even greater success in the coming years. Together with my team I look forward to becoming part of the Algeco family. “

About Wexus Group AS

Wexus Group focuses on the sale and rental of modular buildings for public projects, infrastructure, construction and oil & gas sectors in Norway and Sweden. It was established by a management team with over 75 years’ experience in the sector. Wexus provides flexible solutions to its customers using its modern factory in Estonia that has its own Technical Approvals from Sintef.

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 (3 June 2020) – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, announces that the acquisition agreement for Alquibalat, S.L. in Spain has lapsed.

The transaction was conditional upon the approval of the CNMC, the Spanish competition authority, having been obtained on or before 2 June 2020. The approval of the CNMC has not been obtained and so, in accordance with the terms of the acquisition agreement, the transaction has now automatically lapsed.

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

• Total Revenues increased by 14.7% to €252m (including acquisitions)
• Underlying EBITDA increased 19% (€11m, including €9m from acquisitions)
• Continued strong liquidity and cash generation with 57% cash conversion in Q1

LONDON (27 May 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 another resilient performance for the first quarter of 2020.

For the three months to 31 March 2020, the Group delivered total revenues of €252 million, up 14.7% versus the prior year including acquisitions. Prior to acquisitions, total revenue decreased by 3.8% due to Covid-19 related new unit sales delays at the end of March. Leasing and services revenue before M&A was flat compared to Q1 FY19 with revenue per unit growth of 6.4% offset by 3.0% fewer average units on rent. The average utilisation rate remains flat at 79%. Unit sales grew by 18.1%.

Underlying EBITDA was €67m, an increase of 19% (€11m) on the prior year, including €9m from acquisitions. Cash conversion for the quarter was improved at 57%.

Net leverage at the period was 5.4x on a pro forma basis. The liquidity position remains strong with €184 million of cash on the balance sheet at 31 March plus ABL availability and a further €103m held outside the Restricted Group.

Mark Higson, Algeco’s Chief Executive Officer, said: “Algeco delivered a robust first quarter for 2020 with underlying growth amidst the start of the Covid-19 crisis. Our strategy continues to progress well and we remain confident that supported by the resilient nature of our business, we will continue to deliver value for our customers, attractive returns to investors and opportunities for our people as we emerge from Covid-19.”

Notes

Algeco has posted its first quarter 2020 financial report and slide presentation to accompany the first quarter 2020 financial results conference call (scheduled for Wednesday 27 May 2020 at 3.00pm GMT, 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 (21 May 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 first quarter 2020 financial results conference call on Wednesday 27 May 2020 at 3:00pm BST (10:00 a.m., Eastern Time). Prior to the call, the slide presentation, first 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

• 2% growth in Total Revenues to €975 million
• Underlying EBITDA €266 million
• Strong cash generation with 52% full year cash conversion

LONDON (15 April 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 continued resilient financial performance for the fourth quarter of 2019.

For the year ended 31 December 2019, the Group delivered total revenues of €975m, 2.2% higher versus the prior year. Modular space leasing revenues grew with a 5.4% increase in revenue per unit more than offsetting 4.8% fewer units on rent. The average utilisation rate was 79%. New unit sales grew by 16% because of strong performances in France and ENSE.

Underlying EBITDA was €266 million in FY19, €2m lower than the prior year. Cash conversion for the year was stable at 52%.

Net leverage at the period end was 5.3x. Our cash position remains strong with €199 million on the balance sheet at 31 December and a further €103m held outside the Restricted Group.

Mark Higson, Algeco’s Chief Executive Officer, said: “Algeco delivered a solid performance in 2019 despite some challenging market conditions. We are pleased that our new strategy is starting to deliver further value as demonstrated in Q4 with the acquisition of BUKO. This has continued into FY20 with units on rent growth and three more acquisitions.

In the current unprecedented circumstances we are focused on the safety of our people, cash management and liquidity whilst playing an important role for our customers in the efforts against Covid-19. Our business is resilient and we are confident that we will continue to deliver value for customers, returns to investors and opportunities for our people”

Notes: Algeco has posted its FY19 financial report and slide presentation to accompany the fourth quarter 2019 financial results conference call (scheduled for 15 April 2020 at 3.00pm BST, 10:00 a.m. 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 (8 April 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 fourth quarter 2019 financial results conference call on Wednesday 15 April 2020 at 3:00pm BST (10:00 a.m., Eastern Time).

Prior to the call, the slide presentation, fourth quarter 2019 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 Monday, 9 March 2020 - Algeco Investments B.V. (“Algeco”) announced that it will update its investor relations website with effect from 9 March 2020. The updated financial results website will be available at www.modulairegroup.com/investors/financial-reports and will include 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 clicking here 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 Friday 7 February 2020 – Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces the acquisition of Net Modular (“NET”) in Australia.

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

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

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

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

About NET Modular

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

About Modulaire Group

Modulaire Group is the world’s leading business services company specialising in modular space. We create smart spaces for people to live, work and learn. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 24 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Malthus Uniteam and Wexus in Norway, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further information

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

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