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Transforming local players to global leaders

Algeco Scotsman

By consolidating leading modular space business services providers across Europe, North America and Asia-Pacific, we have built Algeco Scotsman into the pre-eminent modular space leasing player.


Algeco Scotsman (“AS”) is a leading global business services provider focused on modular space solutions – including offices, schools and healthcare facilities – secure portable storage and remote workforce accommodation management.

Headquartered in Baltimore, AS has operations in 28 countries with a modular lease fleet of approximately 300,000 units. The company operates as Williams Scotsman in North America, Algeco in Continental Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand and Target Logistics globally.


We acquired Algeco, Europe’s leading modular space player, in 2004. The investment thesis behind our original acquisition was the inherent value dislocation between the leasing earnings and sales earnings.

As the owner of Algeco we had an extensive understanding of the modular space sector. We believed that there was a unique opportunity to consolidate the global modular space sector, which led to the acquisition of the North American leader, Williams Scotsman, in 2007.

What we’ve done

During TDR’s ownership we have repositioned the business away from manufacturing and sales towards a more sustainable rental model. In parallel we have refocused the company’s sales and marketing efforts, as well as developing new sectors and new applications for modular solutions. 

We have grown the business globally through acquisition and have developed it organically, in particular through the introduction of value-added products and services (“VAPS”).

Further information

Dates of investment: September 2004, October 2007, June 2011
Deal type: Private sale/public-to-private
Status: Partially realised

For further information, email:  ASGroup@tdrcapital.com
Visit the company’s website at:  algecoscotsman.com