Algeco initiated Scotsman deal

It was Algeco's owners who initiated the merger deal with Williams Scotsman, recently filed financial documents have revealed.

Williams Scotsman's by Algeco describe how UK private equity group TDR Capital, owner of Algeco's in December 2006 and again in January 2007.

TDR initially asked if Williams Scotsman would be interested in acquiring the Ristretto Group. This contact initiated a strategic review by Williams Scotsman that ultimately led to the agreement for Ristretto to acquire Williams Scotsman.

The acquisition, which has still to be finalized, will see Williams Scotsman become the lead organisation after the merger. London-based TDR acquired Algeco from TUI AG in September 2004. In May 2005 it further acquired Elliott Group in the UK, creating Ristretto Group.