Modulaire Group announces completion of Tecnifor, Locabox and FAE acquisition

LONDON, July 30, 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 completed the acquisition of 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.

A targeted acquisition strategy is 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.Mark Higson, Modulaire Group's Chief Executive Officer, commented: "High quality acquisitions are a core component of our strategy, alongside our focus on organic growth and operational performance. This acquisition strengthens 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 GroupModulaire Group is a 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 271,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Advanté, Carter and ProComm in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

For further informationInvestor relations: Phil Vellacottinvestorrelations@modulairegroup.com07841 563541

Media enquiries:Tulchan Communicationsmodulairegroup@tulchangroup.com0207 353 4200