Algeco Strengthens Australian Business With Acquisition of Net Modular

LONDON, Feb. 7, 2020 /PRNewswire/ -- 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 5^th 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 Algeco

Algeco is Europe and Asia Pacific's leading business services company specialising in modular space. We create smart spaces for people to live, work and learn.

We deliver for our customers, wherever, whatever and whenever the need. We are:

• Available: wherever the project, big or small, we can deliver anywhere.
• Adaptable: whatever the customers need - space, furniture, equipment, connectivity - we provide turnkey solutions.
• Reliable: whenever we are required we have the expertise to get it right first time.

Headquartered in London, Algeco has operations in 22 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodation rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand and Algeco Chengdong in China.

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