BALTIMORE, Dec 18 (Bernama-GLOBE NEWSWIRE) -- Algeco/Scotsman
Holding S.à r.l. (together with its subsidiaries, the “Algeco Group”)
today announced the successful closing of the acquisition by the Algeco
Group’s subsidiary, Target Logistics Management, LLC (“Target
Logistics”), of Iron Horse Ranch from funds managed by TDR Capital LLP
(“TDR”).
The acquisition solidifies Target Logistics’ position as
the single largest provider of turnkey workforce housing in the U.S.,
including a network of eight lodges and 2,119 beds in the Permian Basin.
With the acquisition, Target Logistics’ Permian Basin lodge network now
includes Texas lodges in Pecos, Mentone, San Angelo and two in Odessa,
along with two lodges in Carlsbad and Lovington, New Mexico.
Additionally, Target Logistics adds Eagle Ford lodges in Cameron and
Yorktown, Texas.
Diarmuid Cummins, CEO Algeco Scotsman: “Today
we announce the completion of the second of two strategic acquisitions
which we flagged earlier in the year as important steps forward for the
Algeco Group. This transaction materially enhances our leading position
in the Permian Basin and expands our presence in the Eagle Ford Basin.”
Brad Archer, CEO Target Logistics: “We
are proud to officially welcome Iron Horse Ranch to our team as part of
our continued effort to build on our extensive network of turnkey
workforce lodges in the United States. Iron Horse Ranch not only
complements our existing footprint in the Permian Basin, but also shares
our commitment to helping customers realize their full potential by
providing a safe and comfortable environment away from the job site.”
Cautionary Notice Regarding Forward Looking Statements
This
press release includes forward-looking statements within the meaning of
the securities laws of certain applicable jurisdictions, which reflect
the Algeco Group’s expectations regarding its future operational and
financial performance. By their nature, the forward-looking events
described in this press release may not be accurate or occur at all. In
particular, we may not be able to realize the anticipated benefits of
the acquisition of Iron Horse. Accordingly, you should not place undue
reliance on these forward-looking statements, which speak only as of the
date on which the statements were made. Although any forward-looking
statements contained in this press release reflect management’s current
beliefs based upon information currently available to management and
upon assumptions which management believes to be reasonable, actual
results may differ materially from those stated in or implied by these
forward-looking statements. A number of factors could cause actual
results, performance or achievements to differ materially from the
results expressed or implied in any forward-looking statements. These
factors should be considered carefully and readers should not place
undue reliance on any forward-looking statements. Except as required by
law, we undertake no obligation, and specifically decline any
obligation, to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
About Algeco Scotsman
Algeco
Scotsman is the leading global business services provider focused on
modular space, secure portable storage solutions, and remote workforce
accommodation management. Headquartered in Baltimore, Algeco Scotsman
has operations in 24 countries with a modular fleet of approximately
245,000 units and 11,400 remote accommodations rooms. The company
operates as Target Logistics in North America, Algeco in Europe, Elliott
in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and
Algeco Chengdong in China.
About Target Logistics
Target
Logistics, an Algeco Scotsman company, is one of the largest providers
of turnkey housing solutions in North America. It operates globally in
some of the most remote environments, supporting oil, gas and mining
with workforce housing, mobile crew camps and extended-stay hotels;
government departments and organizations with temporary lodging and
refugee integration; and capital projects. Target Logistics was named by
Inc. magazine in 2012 and 2013 as one of “America’s Fastest Growing
Private Companies.” Visit www.TargetLogistics.net or call (800) 832-4242.
About Iron Horse Ranch
Iron
Horse Ranch is an industry leader in workforce housing for the Oil, Gas
and Construction industries. Iron Horse Ranch specializes in turn-key
remote camp installation, operation, project management and land
acquisition. Iron Horse Ranch has one of the highest standards in
workforce and temporary housing, winning awards for Service, Quality and
Operational Excellence. Iron Horse Ranch operates 6 workforce lodging
facilities in North America with over 1000 beds. For more information
on Iron Horse Ranch, please visit http://www.ironhorseranch.com.
Investor Relations Contact:
Scott Shaughnessy
Vice President, Finance
Algeco Scotsman
410-933-5921
Scott.Shaughnessy@as.willscot.com
SOURCE : Algeco Scotsman
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