Modulaire Group Strengthens Spanish Business With Acquisition Of Balat

LONDON, Nov. 19, 2021 /PRNewswire/ -- Modulaire Group, a leading business services company specialising in modular space, is pleased to announce it has agreed to acquire Alquibalat, S.L. ("Balat") in Spain.

Based in Pamplona, Balat is a leader in the Spanish market for the rent and sale of modular buildings, with a strong presence in the construction sector. It operates over 15,000 units from 15 sites in Spain and Portugal, including in Madrid, Barcelona, Bilbao, Coruna, Malaga, Seville, and Valencia.

Balat had revenues of 32 million in 2020 and has approximately 165 employees. The transaction, which remains subject to review by the CNMC, the Spanish competition authority, is expected to close by Spring 2022.

Mark Higson, Modulaire Group's Chief Executive Officer, commented: "We are delighted to confirm the transaction with Balat, a leader in modular buildings in the growing Spanish market. The strength of the business is a testament to the experience and hard work of Management. I look forward to working with the team."

Rafael Baranda, Chief Executive Officer of Balat said: "We believe the takeover by Modulaire Group will strengthen the future of Balat, support the next phases of growth and provide Balat's team further opportunities to grow their careers. We would like to take this opportunity to thank our professionals for their hard work and commitment in developing Balat's business."

The acquisition of Balat will be Modulaire Group's fourth acquisition in 2021 and the tenth acquisition worldwide since the beginning of 2020. A targeted acquisition strategy remains one of Modulaire Group's four strategic objectives, alongside an efficient cost base, a focus on optimising sales and granular management of branch level performance, and effective capital investment.

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 267,000 modular space and portable storage units and 4,400 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 information:Investor relations: Phil Vellacottinvestorrelations@modulairegroup.com07841 563541

Media enquiries: Tulchan Communicationsmodulairegroup@tulchangroup.com0207 353 4200