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The high-five moment

Magnus Kjellin was enthusiastic when the temporary space business unit he was heading, which is now owned by Procuritas, was about to get new owners.

The former owner, Ramirent Plc, announced in August 2017 a new strategy, including the intention of exploring new options for its Temporary Space business. The unit, which offers high-quality temporary premises primarily for accommodation, schools, health centers, and office spaces, was then a 23 million EUR business, but considered to be outside of Ramirent’s core equipment rental business.

“I gave my manager a “high-five” when I first learned that a search for new owners had been initiated. We had successfully built a profitable unit in the Nordic countries within the large Ramirent corporation, which has businesses in many different countries. But we found it increasingly difficult to find synergies across the markets in such an organization,” Kjellin says and adds:

“Also being a small, but capital-intensive unit, we found that our investment opportunities were not fully prioritized. We were therefore excited with the opportunity of having a more focused ownership model that could unleash our full potential”.

At the time of the sale, Procuritas was unknown to Magnus Kjellin.

“When I first met with the Procuritas team, I was excited. They came in late in the sale process and we had already met with several potential buyers that had focus areas we did not find to be spot on. Procuritas was different. They asked really good questions and had done their homework,” he says.

In July 2018, Procuritas was announced as the new owner of what is today known as Temporary Space Nordics. Magnus Kjellin and his team continue to manage the business now as a stand-alone company. Their experiences with the owner met the expectations.

“Our team has been energized with the change of ownership. We find Procuritas to be very supportive and close to us. They are willing to invest to support our growth strategy.”

This was demonstrated when Temporary Space Nordics expanded its presence in the modular space sector by acquiring the Danish modular space business from GSV Materieludlejning.

“The ambition for Temporary Space Nordics is to continue to grow in the Nordics, mainly driven by organic growth. Our board has a long-term approach to building the company. We plan to expand in a controlled manner and with a goal , supported by our owners,  of strengthening our position as a solid company.”

 

Related information

The Temporary Space Nordics investment