LONDON, Dec. 4, 2019 /PRNewswire/ -- Algeco Group, the leading modular space leasing business in Europe and Asia Pacific, today announces that it is continuing its growth strategy by agreeing to acquire Alquibalat, S.L. ("Balat") in Spain.
Based in Pamplona, Balat is a leader in the Spanish market for the rent and sale of modular buildings, with a strong presence in the construction sector. It operates 14,000 units from 15 sites in Spain and Portugal, including in Madrid, Barcelona, Bilbao, Coruna, Malaga, Seville, and Valencia, cities where Algeco is already active.
Balat had revenues of ?27m in 2018 and has about 150 employees. The transaction, which is subject to review by CNMC, the Spanish competition authority, is expected to close in the first quarter of 2020.
Mike Smith, Chairman of Algeco, said: "I am delighted to strengthen our presence in Spain through the acquisition of Balat, our second purchase in recent months. Our southern European business has been one of our strongest performers and we see ample opportunities to offer our 360 range of value-added products and services to Balat's customers."
Rafael Baranda, Managing Director of Balat, said: "We are looking forward to joining the Algeco Group and extending the range of services we can offer to our customers. Both companies are united in their common interest to strengthen the businesses and to enhance the career opportunities of their people."
Balat has been a leader in the rental and sale of prefabricated modular buildings for more than 30 years. With strong technical and R&D capabilities, Balat operates in Spain, Portugal and France.
Algeco 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.
We deliver for our customers, wherever, whatever and whenever the need. We are:
Headquartered in London, Algeco has operations in 22 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodation 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.
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. In particular, we may not be able to realize the anticipated benefits of the acquisition of Alquibalat, S.L. 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.
SOURCE Algeco Investments B.V.
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