US-based modular space rental specialist Algeco Group has continued to strengthen its presence in Europe with the acquisition of Spanish business Alquibalat (Balat).
This follows Algeco’s recent purchase of Dutch firm Buko, which specialises in temporary housing.
Balat, which is based in Pamplona, is a leading renter and seller of modular buildings in Spain.
The company has a fleet of 14,000 units and operates out of 15 sites across Spain and Portugal, including Madrid, Barcelona, Bilbao, Coruna, Malaga, Seville, and Valencia – cities where Algeco is already active.
Balat employs 150 people and in 2018 it generated revenues of €27 million.
Mike Smith, Chairman of Algeco, said, “I am delighted to strengthen our presence in Spain through the acquisition of Balat, our second purchase in recent months.
“Our southern European business has been one of our strongest performers and we see ample opportunities to offer our 360 range of value-added products and services to Balat’s customers.”
Rafael Baranda, Managing Director of Balat, said, “We are looking forward to joining the Algeco Group and extending the range of services we can offer to our customers.
“Both companies are united in their common interest to strengthen the businesses and to enhance the career opportunities of their people.”
The transaction, which is subject to review by the Spanish competition authority CNMC, is expected to close in the first quarter of 2020.
In this year’s IRN100 league table of the world’s largest rental companies, Algeco ranked 9th, with revenues of €955 million in 2018.