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.