News. 18/08/20

Procuritas has agreed to sell TSN

Procuritas Capital Investors VI (“PCI VI”) has signed an agreement to divest its Nordic modular space business TS Nordics Holding AB (“TSN”) to Algeco Holdings BV (“Algeco”).

Headquartered in Bro, Sweden, Temporary Space Nordics is a leading provider of high-quality temporary space solutions for public and private customers across the Nordic region, with a local presence in Sweden, Denmark, Norway and Finland. 

TSN operates a rental fleet of c. 7,500 modules capable of solving temporary needs for a wide range of applications including schools, kindergartens, offices, accommodation and site units for infrastructure and other construction. TSN recorded total pro forma revenue of €41m in 2019.

 “Procuritas has been a great sparring partner for us during their ownership. With their support, the TSN team has managed to improve, develop and grow the business substantially.” says Magnus Kjellin, TSN’s CEO of TSN.

Since PCI VI partnered up with management of TSN, the company has been successfully carved-out from Ramirent while building a strong stand-alone organization, and in addition expanded its presence in Denmark through a strategic acquisition.

 “We are happy that Algeco, with their professionalism, extensive experience and new focus in the Nordics, are taking over. We are proud to have supported TSN and been part of their success story. We wish them all the best going forward”, says Erik Fougner and Oskar Lindholm-Wu, Partners at Procuritas.

Mark Higson, CEO of Algeco, says: “I am delighted to welcome TSN Group into the Algeco business. The Nordic market is particularly attractive to us and this transaction not only adds significantly to our presence in Sweden, strengthens our positions in Norway and Finland and marks our entry into the Danish market.”

Magnus Kjellin, CEO of TSN, adds: “After a period of expansion, we are very excited to now be joining the Algeco Group. Our customers will continue to benefit not only from the highest quality solutions and our best-in-class service, but also Algeco’s expertise, scale and leadership position in Europe.”

The transaction, which is subject to review by the Danish competition authority, is expected to close in Q3.

For further information, please contact:
Erik Fougner, Partner
Procuritas Partners GmbH
tel. +46 8 506 143 00

Oskar Lindholm-Wu, Partner
Procuritas Capital Investors VI Holding AB
tel. +46 8 506 143 00

About Temporary Space Nordics
Temporary Space Nordics offers high quality temporary modular building solutions primarily for schools, pre-schools, offices, infrastructure and accommodation for public, infrastructure and private customers. The company was founded in Uppsala, Sweden, in the 1980’s, and was previously operated as separate business units within Ramirent Plc before being carved out in 2018 and acquiring the modular building business of GSV Materieludlejning A/S in 2019. Today, TSN is headquartered in Sweden with operations in Norway, Denmark and Finland as well.

About PCI VI
Procuritas Capital Investors (”PCI VI”) is a private equity fund focusing on mid-sized companies in the Nordic region. PCI VI launched in 2017, with ca. MEUR 318 in committed capital. With a passion for business, extensive industrial experience and more than thirty years’ track record covering a large variety of transactions, Procuritas has supported over 40 companies with the aim to accelerate their growth and realize their true business potential.

About Algeco
Algeco 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. Algeco has operations in 24 countries with approximately 250,000 modular space and portable storage units and 3,400 remote accommodations rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, BUKO Huisvesting and BUKO Bouw & Winkels in The Netherlands, Malthus Uniteam and Wexus in Norway, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.

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