ENGINEERING TECH

Brookfield Business Partners has Announced the Purchase of Modulaire Group

Modulaire Group | June 28, 2021

Modulaire Group, Europe's and Asia Pacific's leading infrastructure services business specialising in modular services, is delighted to announce that its shareholders have agreed to sell the company to investment funds controlled by Brookfield Business Partners L.P.

Brookfield is buying Modulaire from its owners, who include investment funds controlled by TDR Capital LLP ("TDR"), a prominent private equity company headquartered in the United Kingdom. The transaction is expected to close in the fourth quarter of 2021, subject to customary regulatory and competitive approvals.Brookfield Business Partners is the publicly traded flagship company of Brookfield Asset Management, a leading worldwide alternative asset manager with over $600 billion in assets under management.

Modulaire has evolved to become the largest supplier of modular services and infrastructure in Europe and Asia Pacific under TDR ownership. The Group's experienced management team has improved the company by focusing on four strategic objectives: granular branch-level performance management, continual efficiency improvement, disciplined capital deployment, and a targeted acquisition strategy.

Modulaire is anticipated to provide strong ongoing growth, fueled by major market and secular factors such as post-COVID government stimulus programmes, ageing building stock throughout Europe, and a structural move toward modular space. The company is also benefiting from strong ESG tailwinds as clients seek to secure facilities with a lower carbon footprint, as well as decreased waste and energy usage during development.

Modulaire's existing management team will stay with the Group after its purchase by Brookfield and will continue to concentrate on advancing the Group's strategic growth goal.Goldman Sachs International, Morgan Stanley, JP Morgan, and STJ Advisors advised Modulaire Group, while Linklaters LLP provided legal counsel.

About Modulaire Group
Modulaire Group is the European market leader in modular services and infrastructure. We design intelligent environments in which people may live, work, and learn. Our company's mission is to assist clients in finding the best space solution for their needs. Modulaire Group operates in 25 countries and has about 259,000 modular space and portable storage units, as well as 3,400 remote accommodation rooms. In Europe and Scandinavia, the company is known as Algeco; in the United Kingdom, it is known as Elliott, Advanté, and Carter; in the Netherlands, it is known as BUKO Huisvesting, BUKO Bouw & Winkels, and BUKO Bouwsystemen; in Australia, it is known as Ausco; in New Zealand, it is known as Portacom; and in China, it is known as Algeco Chengdong.

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