Modulaire Group - Elliott Group Ltd’s parent company - has today announced its acquisition by Brookfield Business Partners L.P. from TDR Capital LLP.
The transaction, which is subject to customary regulatory and competition clearances, is expected to close in Q4 2021. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management, a leading global alternative asset manager with over $600 billion of assets under management.
Under TDR’s ownership, Modulaire has grown to become the leading provider of modular services and infrastructure in Europe and Asia Pacific. The Group’s experienced management team has strengthened the business through a focus on four strategic objectives of granular management of branch-level performance, continuous efficiency improvement, disciplined capital deployment and a targeted acquisition strategy. Modulaire is expected to deliver strong continued growth, supported by significant market and secular trends including post-COVID government stimulus programmes, aging building stock across Europe and a structural shift towards modular space. The business is also benefitting as customers look to secure buildings with a smaller carbon footprint and reduced waste and energy consumption through construction.
Following the Group’s acquisition by Brookfield, Modulaire’s current management team will remain with the Group and continue to focus on driving the Group’s strategic growth agenda.
Mike Smith, Chairman of Modulaire Group, said: “Modulaire has made huge strides as a business over recent years and Brookfield’s investment is testament to the progress that has been made. I would like to thank TDR for the huge support they have given the management team and the business more broadly, helping set Modulaire up for continued growth in the future.”
Mark Higson, CEO of Modulaire Group said: “I am delighted to welcome Brookfield as a new investor in the business and look forward to benefitting from their sector experience as we continue to drive Modulaire’s growth. The significant transformation of our business in recent years is down to the hard work of my colleagues. We are all hugely excited about driving Modulaire’s continued growth in the future and we look forward to the opportunities ahead.”
Gary Lindsay, Partner at TDR Capital LLP, said: “We are delighted that Modulaire will have a strong and experienced partner in Brookfield that will continue to support and invest in the business. We believe Brookfield will be a very positive shareholder for Modulaire and look forward to witnessing its continued success in the future.”