US-based Algeco Scotsman has announced the financial close of its acquisition of Touax Solutions Modulaires (TSM). It has also completed a refinancing programme, with an asset backed debt of US$400 million (€339 million).
The company’s latest acquisition expands its European presence to 18 countries operating from 150 locations, with a modular fleet of over 220,000 units. The company said that the acquisition of Touax also reinforced its position as a European market leader, most notably in France, Germany and Poland.
It said that, as a consequence of the acquisition, current TSM customers would immediately have access to a wider catalogue of both high-quality products and value-added services.
Algeco has also completed a refinancing programme, whereby a lending syndicate will provide a new US$400 million (€339 million) senior secured asset backed facility. Such funds will ensure the company can continue to invest in its fleet. The refinancing will be completed during the first quarter of 2018.
Diarmuid Cummins, CEO, Algeco Scotsman, said, “Today we announce two major steps forward for the Algeco Group, both of which are fundamental components of our stated objectives of maximising value for our shareholders while ensuring that all obligations to other stakeholders continue to be met.
“Algeco’s European business is already the leader in the industry, and the addition of TSM will further strengthen our European franchise and position, while the new debt package ensures that we have the room to continue capturing the improving performance not only in our European operations but also in our operations throughout the rest of the world.”