(Adnkronos) - - Group strategy delivering strong revenue and margin growth
- Modulaire announces fundraising to repay existing debt and fund signed M&A
LONDON, Feb. 7, 2022 /PRNewswire/ -- Modulaire Group (together with its subsidiaries, the "Group"), Europe and Asia Pacific's leading business
The Group expects to report the following financial performance for the year:
On the back of the Group's strong performance and given attractive market conditions, Modulaire has today announced plans to raise €250m via a fungible Term Loan B add-on. Proceeds, combined with the existing cash from the balance sheet, will be used to repay the existing HoldCo PIK held outside of the restricted group, repay the partially drawn Revolving Credit Facility, and fund signed M&A.
Mark Higson, CEO of Modulaire Group, said: "The execution of our strategy continues to drive strong operational and financial performance. Market demand shows further positive signs as each territory emerges from Covid-19 restrictions, and we look forward to capitalising on these opportunities."
Mark Higson, CEO, and Simon Gordon, CFO, will host a short call to discuss the fund raising and trading update at 12pm GMT on Monday7 February 2022. Dial-in details will be available at https://www.modulairegroup.com/investors/financial-reports. Please note this page includes a password-protection feature. Access will be granted to eligible parties (including securities analysts and rating agencies) who have registered for an account. Modulaire Group invites all interested parties to register at their earliest convenience by visiting https://www.modulairegroup.com/investors/apply
About Modulaire Group
Modulaire Group is a leader in European modular services and infrastructure. We create smart spaces for people to work, learn and live. Our business is designed to help customers find the right space solution, no matter what their requirements. Modulaire Group has operations in 25 countries with approximately 290,000 modular space and portable storage units and 4,400 remote accommodations rooms. The company operates as Algeco in Europe and Scandinavia, Elliott, Carter Cabins, Procomm and Advanté in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
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