16 Dec 2021
We are pleased to announce that on 15 December 2021, TDR Capital II Holdings L.P. (the “Fund”) through one of its subsidiaries completed the sale of its interest in Modulaire Group to Brookfield Business Partners (“Brookfield”).
Under TDR ownership, the business was transformed by repositioning it away from manufacturing and sales towards a more sustainable and profitable rental model and through the launch of the value added products and services offering. In addition, Modulaire Group pursued a highly accretive European market consolidation strategy entering attractive new markets, particularly in the Nordics.
This follows the successful sale of the Fund’s position in WillScot Mobile Mini, the leading North American modular space leasing business which was spun out of Modulaire Group in 2018. The Fund’s position was exited through three block trades during 2021 on the back of resilient trading, successful market consolidation and the transformational merger with Mobile Mini.