Adapteo to close unprofitable subsidiary

Adapteo has announced it will close the operations of its unprofitable prefabricated home building business Flexator AB.

Based in Anneberg, southern Sweden, Flexator offers complete buildings for the private and public sector such as schools, preschools, offices and nursing and care homes.

Its employees have been given notice and production in Anneberg will be discontinued. Negotiation proceedings around the closure are set to commence. 

The sale comes just months after Adapteo announced it was to acquired by a private equity fund managed by Goldman Sachs Asset Management.

Adapteo said other operations within its Permanent Space prefabricated building business would not be affected by the planned closure.

The closure indicates the company is rationalising its businesses, having recently made two acquisitions in the portable accommodation market.

Adapteo provides flexible real estate in Northern Europe for rent and sale, across Sweden, Finland, Norway, Denmark, Germany, and The Netherlands. Adapteo’s sales in 2020 were €231 million.