Aggreko acquisition complete

Temporary power company Aggreko has delisted from the London Stock Exchange following its £2.3bn acquisition by private equity firms TDR Capital and I Squared Capital.

The Scottish company, which is based in Dumbarton near Glasgow and has US headquarters in Houston, returned to private ownership and cancelled trading of its shares on 11 August. 

TDR Capital and I Squared Capital made a joint offer to purchase Aggreko in February.

UK-based TDR owns portable accommodation company Modulaire (previously Algeco), while US firm I Squared, based in Miami, Florida, invests in global infrastructure markets. 

It is understood the companies’ combined experience will support Aggreko’s growth through the energy transition. 

Aggreko is one of the five largest rental companies in the world, with revenues of £1.36 billion in 2020. The full year figure, announced in March, respresented a 15% drop from 2019, which Aggreko attributed to the pandemic, low oil prices and the acceleration toward lower carbon technologies.

Aggreko has experienced volatile performance in the past 10 years; its share price peaked at £24 in 2012, before dropping to £6 before the takeover approach was announced.