Algeco, the leading modular space leasing business in Europe and Asia Pacific, completed the acquisition of Wexus Group.
This follows the announcement on 4 June 2020 that Algeco had agreed to acquire Wexus from Norvestor Equity AS and other shareholders.
The transaction was subject to review by the Norwegian competition authority, which has now approved the acquisition.
This transaction will further strengthen Algeco’s position in the attractive Nordic modular space market that has grown at a CAGR of 12% from 2015 to 2018.
Growth is expected to continue to be driven by long-term public sector contracts and infrastructure investment.
Who is Wexus
The company is a leading provider of high-quality modular building solutions in the Nordic region. Headquartered in Norway, also has operations in Sweden and a modern wooden module production facility in Estonia that can support Algeco’s enlarged business.
Wexus operates a fleet of c. 1,600 units, has c. 110 employees and revenues of c. €35m in the twelve months to March 2020.