Modulaire Group further strengthens presence in the UK with acquisition of Carter

LONDON, Jan. 20, 2021 /PRNewswire/ -- Modulaire Group, the leading modular space leasing business in Europe and Asia Pacific, is pleased to announce the completion of the acquisition of Carter Accommodation Group Ltd ("Carter") in the UK.

Carter is a leading player in the temporary accommodation hire business with a modern and well-invested fleet. The majority of its over 5,000 units have market-leading specifications, including fire and environmental ratings that make them particularly suitable for city locations. Carter has approximately 150 employees and annual 2020 revenue of c.£20m.

Carter's experienced management team will remain with the business which will operate alongside Elliott, Modulaire Group's long-standing UK business and Advanté, the newly-acquired specialist business focusing on welfare units.

Carter marks Modulaire Group's first acquisition in 2021 and seventh acquisition worldwide since the beginning of 2020. A targeted acquisition strategy remains one of Modulaire Group's four strategic objectives, alongside an efficient cost base, a focus on optimising sales and granular management of branch level performance, and effective capital investment.

Mark Higson, Modulaire Group's Chief Executive Officer, commented: "I am delighted to welcome Carter into the Modulaire Group and look forward to working closely with their experienced and ambitious management team as they continue to grow. Carter's modern and versatile fleet positions the business well for a range of future growth opportunities, particularly given the current favourable market dynamics, and will further strengthen Modulaire Group's offering in the UK."

Darren Arnold, Carter's CEO, said: "This is an exciting time for Carter as we look to benefit from strong demand from our existing blue-chip client base, achieve sustainable and higher utilisation levels and increase our operational efficiency initiatives. We look forward to working alongside the Modulaire Group team as we embark on the next phase of our journey."

About Modulaire Group

Modulaire Group is the world'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. Modulaire Group has operations in 25 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott and Advanté in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

About Carter

Carter supplies customers in the UK construction, infrastructure, leisure, education, agriculture, energy and health sectors. Its well invested product range includes high-spec temporary modular buildings for use as offices, labs, wards or classrooms, plus cabins, containers, welfare units and energy efficient eco units. A high proportion of the fleet is fire-rated for use in city and other build-up locations.

For further information

Investor relations:
Phil Vellacott
investorrelations@modulairegroup.com
+44(0)7841 563541

Media enquiries:
Tulchan Communications
modulairegroup@tulchangroup.com
+44(0)207 353 4200