LONDON, Oct. 23, 2020 /PRNewswire/ -- 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
+44 (0)7841 563541
Media enquiries: Tulchan Communications
+44 (0)207 353 4200
SOURCE Modulaire Group