Triumph Modular acquired by leading company in sale and lease of modular space solutions as part of its global expansion

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Sep 14, 2021, 16:19 ET

LITTLETON, Mass., Sept. 14, 2021 /PRNewswire/ -- Triumph Modular, a leading provider of innovative modular space and portable storage solutions throughout the Northeast, has been acquired by Tecno Fast, the Latin American leader in design, automated manufacturing, lease, and sale of modular space. The company will continue operating in the United States as Triumph Modular.

The Tiny Cabin is one of Tecno Fast's innovative modular space solutions to be used as an spare office or bedroom, or for simply enjoying the outdoors settings, either the beach or the mountain. With an efficient and minimalistic design, the Tiny Cabin is equipped for any type of weather, providing the comfort and functionality of a modern lodge in a sustainable 258-square foot space. It will be integrated into Triumph Modular's offering in the future, as part of this acquisition.

Tecno Fast started operations 26 years ago in the city of Santiago, Chile and currently employs more than 1000 people across South America. The acquisition of Triumph Modular, based in Littleton, Massachusetts, marks its first entry into the North American market.

"Since our creation in 1995, we dreamed of becoming the global leader in the sale and lease of modular solutions and of our entry into the US, a very attractive market that generates over $12 billion in revenues. Today, we are closer to achieving that objective," said Cristian Goldberg, president of Tecno Fast. "By combining Triumph's market knowledge with our innovative products, we will satisfy the demand for modular solutions in sectors like education, life sciences, construction and industrial," he added.

Joseph Vecchiolla, former president of WillScot USA and Red Sea Housing, is the new president and CEO of North America for Tecno Fast. As the person who brought the two companies together, he affirmed, "I am excited to be part of Tecno Fast team and lead its global strategy with the acquisition of Triumph Modular. I have known both companies for years and have deep respect for their shared values and family-centered operating models."

Co-owners of Triumph, Cliff and Glenn Cort, commented, "We are extremely pleased to see Triumph combine with Tecno Fast, an organization that shares our operating philosophy, commitment to excellence in modular design and customer centric approach. Importantly, we are excited for our employees to have the opportunity to become the U.S. foundation of this world-class organization."

Oppenheimer & Co. and Latham & Watkins LLP acted as Triumph Modular's financial and legal advisors while Claro & Cia, Foley Hoag LLP and LarrainVial were the legal & financial advisors for Tecno Fast.

About Tecno Fast
Tecno Fast is a world-class company that leases, sells, and manufactures space solutions that improve people's lives through innovation and design. The company has operated for 26 years in Chile, Peru, and Colombia, offering sustainable, efficient, and high-quality solutions. Using a robotic manufacturing process, Tecno Fast shortens the times between design and installation of all projects. Tecno Fast leases more than 4.3 million square feet in commercial, industrial and hospitality solutions and has developed over 21 million square feet in industrial manufacturing projects. Visit www.tecnofast.cl.

About Triumph Modular
Since 1981, Triumph Modular has worked with owners and architects to elevate design and performance of temporary and permanent commercial building space. Triumph Modular delivers award-winning solutions for all types of building space, from relocatable to complex multi-story permanent modular buildings. For information, visit www.triumphmodular.com

SOURCE Triumph Modular