WH Bidco SAS, a company controlled by funds managed by TDR Capital LLP, announces today the intended acquisition of all stocks held in Touax Solutions Modulaires SAS, Touax's Modular Division Europe. WH Bidco and Touax expect the deal to potentially close in the second half of 2017, after completion of an information/consultation process with employee representatives and subject to the receipt of necessary approvals.
After the possible purchase, one option contemplated by TDR would be the integration of TSM into Algeco, for which no plan has been made, nor decision been taken, yet and which would have to be discussed with employee representatives of both Algeco and TSM at the appropriate time.
Were TSM to be integrated into Algeco's European business, this contemplated acquisition and potential integration would be a unique opportunity for both businesses, as it would strengthen the new Group's leadership in a highly competitive market, but also for our employees, customers and shareholders. Combining the two businesses' expertise would enable them to improve the quality of products and services, to reach more customers and to even better meet their needs with innovative and sustainable solutions, increasing competitiveness through an enhanced catalogue.
During the acquisition and potential integration process, it will be business as usual for the two entities.
Diarmuid Cummins, CEO Algeco Scotsman: "We are excited about WH Bidco SAS's acquisition of TSM. Algeco's European business is already the leader in the industry. The addition of TSM would further strengthen our European franchise and position."
Bertrand Quenot, CEO Europe of Algeco: "We share many values with TSM, and we believe we share also the same will to provide our customers with high-quality and innovative products. We expect their strategy to complement our own. This contemplated acquisition and potential integration would also be great news for our customers and our employees who shall be at the center of this exciting project. Such a project would create greater value for the shareholders of both companies."
Torsten Wolf, Head of TSM: "This project is a unique opportunity for our employees and customers as well as our shareholders. We have been discussing with many potential investors and Algeco stood out as the best possible partner for such an operation. Both companies are on parallel paths and joining Algeco would be consistent with our values and our strategy".
About Algeco Scotsman
Algeco Scotsman is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Headquartered in Baltimore, Algeco Scotsman has operations in 25 countries with a modular fleet of approximately 274,000 units. The company operates as Williams Scotsman and Target Logistics in North America, Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
TOUAX Group leases out tangible assets (shipping-containers, modular buildings, freight railcars and river barges) on a daily basis to more than 5 000 customers throughout the world, for its own account and on behalf of third party investors. With almost EUR 1.8 billion under management, TOUAX is one of the European leaders in the operational leasing of this type of equipment. TOUAX is listed in Paris on NYSE EURONEXT - Euronext Paris Compartment C (Code ISIN FR0000033003) and on the CAC® Small and CAC® Mid & Small indexes and in EnterNext PEA-PME. For more information: www.touax.com