LONDON, June 18, 2019 /PRNewswire/ -- Algeco Group, Europe and Asia Pacific's leading business services company specialising in modular space, has today announced the appointment of Mike Smith as Chairman to lead the next phase of the company's growth.
Mike Smith will succeed Paul Lester, who is stepping down after three and a half years as Chairman of Algeco, during which time he has overseen the successful development of the business from €167 million of EBITDA in 2015 to over €230 million today. Algeco has undergone a period of significant change under Paul's leadership, including the acquisition and integration of Touax Solutions Modulaires and the spin-offs of Williams Scotsman, the North American modular leasing business, and Target Hospitality, the North American remote accommodation business.
Today, Algeco is Europe and Asia Pacific's leading business services company specialising in modular space with approximately 250,000 modular space and storage units. The business benefits from strong recurring revenue streams, a best-in-class value added products and services offering and plays into the broader secular trend towards modularisation and agile space solutions.
Paul Lester commented, "The business has undergone a fundamental change over the past three and a half years. As the group embarks on its next phase of development, I feel that now is the right time for a new chair who brings new perspectives and ideas. I look forward to supporting Mike in his new role."
In addition to this appointment, Mike Smith serves as the Chairman of International Car Wash Group (ICWG), leading the successful exit of ICWG by TDR Capital to Roark Capital in 2017. Under Mike's leadership, the business cemented its position as the world's largest independent conveyor car wash operator, with over 900 sites spanning 14 countries having successfully entered the US market in 2015 and completed 12 acquisitions under TDR's ownership. Mike first joined ICWG in 1999 as Chief Operating Officer from British Petroleum where he was head of Retail Planning and Strategy for BP's global retail business and has been Chairman of ICWG since re-joining the business in 2009.
Mike Smith commented, "I'm very much looking forward to taking on this new role. Algeco is a great company with very exciting prospects. The business is in strong health thanks to the transformative actions that have taken place over the last few years. Having seen the success of Williams Scotsman in North America since its IPO in 2017, I believe there is significant runway for Algeco ahead."
Gary Lindsay, Partner at TDR Capital commented, "I would like to thank Paul for his significant contribution to Algeco; an +11% EBITDA CAGR over four years is extremely impressive and testament to Paul's efforts driving the business. As the company embarks on its next phase of development, I am pleased to welcome Mike, whose operational pedigree and track record is second to none. Mike is well-known to TDR Capital and the broader private equity and infrastructure community. He chaired ICWG and sat on the board of EG Group, both TDR portfolio companies, and is ideally placed to lead Algeco going forward."
Cautionary Notice Regarding Forward Looking Statements
This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect Algeco's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Algeco Group
Algeco Group is Europe and Asia Pacific's leading business services company specialising in modular space. 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. Headquartered in London, Algeco has operations in 22 countries with approximately 240,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
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