Modulaire Group is a leading modular space leasing business operating across Europe and Asia Pacific. With more than 250,000 units in over 20 countries, the business serves customers in sectors including infrastructure, education and public administration under market-leading brands such as Algeco, Elliott, Ausco and Portacom.
Initial investment
2003
Sector
Business Services
Initial transaction size
€600m
We saw an opportunity to consolidate a highly fragmented European modular space rental market and to reposition Algeco, then a manufacturing-led business, towards a rental and services model with strong recurring revenues.
The investment offered downside protection through asset backing and the opportunity to generate attractive returns on capital through the roll-out of operational best practice in the specialty rental space.
The initial Algeco platform was a corporate orphan within a large, diversified German conglomerate. We implemented a comprehensive overhaul of the business to strengthen leadership, improve operational performance and execute an accretive buy-and-build strategy. Over time, we created a leading pan-European platform, completing numerous acquisitions at attractive multiples.
We drove organic growth through pricing discipline and increased the offering of higher margin value-added products and services to the customer base. Following a rebrand to Modulaire Group in 2020, the business was positioned as a clear European champion in modular space solutions.
Following substantial performance improvement, the business was sold to Brookfield in 2021.