Modulaire makes Spanish acquisition
By Belinda Smart19 November 2021
Modular accommodation specialist Modulaire Group, has announced it has agreed to acquire Spanish modular specialist Alquibalat, ‘Balat’.
Based in Pamplona, Balat is described as “a leader in the Spanish market for the rent and sale of modular buildings.” It operates over 15,000 units from 15 sites in Spain and Portugal, including in Madrid, Barcelona, Bilbao, Coruna, Malaga, Seville, and Valencia.
It supplies modular buildings, offices, houses, tents, classrooms, and shipping containers, as well removable booths and sanitary trucks for education, events, offices, and health sectors. The company has its own R&D department.
Balat had revenues of €32 million in 2020 and has approximately 165 employees.
Mark Higson, Modulaire Group’s Chief Executive Officer, commented: “We are delighted to confirm the transaction with Balat, a leader in modular buildings in the growing Spanish market. The strength of the business is a testament to the experience and hard work of Management. I look forward to working with the team.”
Rafael Baranda, Chief Executive Officer of Balat said: “We believe the takeover by Modulaire Group will strengthen the future of Balat, support the next phases of growth and provide Balat’s team further opportunities to grow their careers.”
The acquisition of Balat will be Modulaire Group’s fourth acquisition in 2021, including the recent acquisition of Tecnifor in Italy, and the tenth acquisition worldwide since the beginning of 2020.
Meanwhile in 2021 Modulaire was sold to investment firm Brookfield Business Partners. A targeted acquisition strategy remains one of Modulaire Group’s four strategic objectives, alongside an efficient cost base, a focus on optimising sales and granular management of branch level performance, and effective capital investment.
The transaction, which remains subject to review by the CNMC, the Spanish competition authority, is expected to close by Spring 2022.
Modulaire has operations in 25 countries, operating as Algeco in Europe and Scandinavia, Elliott, Advanté, Carter and Procomm in the United Kingdom, BUKO Huisvesting, BUKO Bouw & Winkels and BUKO Bouwsystemen in The Netherlands, Tecnifor and Locabox in Italy, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.