LONDON, March 9, 2021 /PRNewswire/ -- Modulaire Group, Europe and Asia Pacific's leading business services company specialising in modular services and infrastructure, is pleased to announce that it has agreed to acquire Tecnifor S.p.A and the business and operations of Locabox S.r.l. and F.A.E. S.p.A. from the shareholders.
Headquartered in San Gemini, near Rome, Tecnifor and Locabox are together one of the leading providers of modular building leasing solutions in Italy. The company operates a fleet of over 12,000 modular units primarily for clients within construction and public administration. FAE also operates a facility in San Gemini that manufactures units for the rental fleet or sales market.
Tecnifor, Locabox and FAE have approximately 140 employees and annual revenue of c. €35m.
This marks Modulaire Group's second acquisition in 2021 and ninth acquisition worldwide in the last 18 months. A targeted acquisition strategy remains one of Modulaire Group's four strategic objectives, alongside a focus on optimising sales, an efficient cost base and granular management of branch level performance, and effective capital investment.
The transaction, which is subject to review by the Italian competition authority, is expected to close in Q3 2021.
Mark Higson, Modulaire Group's Chief Executive Officer, commented:
"High quality acquisitions remain a core component of our strategy, alongside our focus on organic growth and operational performance. This acquisition will strengthen Modulaire Group's presence in Italy, building on our existing position. I am delighted to welcome Tecnifor, Locabox and FAE into the Group and look forward to working with their highly experienced and expert management team."
About Modulaire Group
Modulaire Group is the leader in European modular services and infrastructure. 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 259,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté and Carter 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
