HOME WHAT WE DO WHO WE ARE OUR PORTFOLIO RESPONSIBLE INVESTING CONTACT INVESTOR PORTAL MODULAIRE GROUP Building a European champion By consolidating leading modular space businesses across Europe and Asia-Pacific, we have built the Modulaire Group into the pre-eminent modular space leasing player. >160 Locations across Europe >250,000 Modular space leasing units across Europe Description Modulaire Group ("Modulaire") is a leading modular space leasing business in Europe and Asia Pacific In Europe, with over 250,000 modular space and storage units, Modulaire has the largest fleet base amongst its competitors and has a strong market leading position. Modulaire operates as Algeco in Continental Europe, Elliott in the United Kingdom, Ausco in Australia and Portacom in New Zealand. Transaction We acquired Algeco in 2004. The investment thesis behind our original acquisition was the inherent value dislocation between the leasing earnings and sales earnings. Through a series of acquisitions, we grew Algeco from being the French market leader to the predominant global player in modular space, Modulaire Group. In November 2017, we completed the spin out of Williams Scotsman, the North American modular leasing business, into a listed entity, positioning it strongly to participate in the US market consolidation. Subsequently, in March 2019, we completed the spin out of Target Lodging (the North American Remote Accommodation business) into a listed vehicle combining it with Signor Holdings to form a new leader in remote workforce accommodation - Target Hospitality. What we've done During TDR’s ownership we have repositioned the business away from manufacturing and sales towards a more sustainable and profitable rental model. In parallel, we have refocused the company’s sales and marketing efforts, as well as developing new sectors and new applications for modular solutions. We have grown the business globally through acquisition and have developed it organically, in particular through the introduction of value-added products and services. During 2019 and 2020 Modulaire accelerated its European market consolidation strategy, completing eight add-on acquisitions and building a significant presence in the highly attractive Nordics market. In June 2021, TDR signed an agreement to sell the business to Brookfield Business Partners for €4.3 billion with the transaction expected to close in Q4 2021. Key facts Sector: Business Services Status: Partially realised Date of initial investment: October 2007 Website: www.modulairegroup.com Deal type: Private sale/public-to-private Contact email: ModulaireGroup@tdrcapital.com Back to Our portfolio View previous case study View next case study Quick links Home What we do Who we are Our portfolio Contact us Investor relations Recruitment Media Responsible investing Terms & Conditions Privacy policy Disclosure & transparency Modern Slavery Act 2015 Contact 20 Bentinck Street, London W1U 2EU tel: +44 20 7399 4200 email: info@tdrcapital.com Directions Bentinck Street is located in Marylebone near to Bond Street and Oxford Circus tube stations, and is accessible via the Central, Jubilee, Bakerloo and Victoria lines. © TDR Capital LLP 2021