Temporary office cabin builder Algeco Scotsman considering £3bn float
Temporary classroom and workforce village builder Algeco Scotsman is considering a stock market float which could value the business at more than £3bn.
Algeco Scotsman, which is backed by London-based private equity firm TDR Capital, could set its initial public offering (IPO) date for next year, the Sunday Times reported.
The company recently hired Andrew Tyler, a former head of weapons buying at the Ministry of Defence, to lead the IPO.
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He joined from aerospace and defence giant Northrop Grumman, and is now responsible for “all strategic and operational aspects” of Algeco Scotsman.
The business, which was built up by TDR following the acquisition of Algeco in 2004 and a number of subsequent bolt-on deals, has been pursuing a restructuring under private equity control.
Towards the end of last year, it spun off its North American branch Williams Scotsman in a $1.1bn (£820m) deal.
The business, which operates under the Elliott brand in the UK, builds portable cabins used as classrooms, offices, building site shelters and extra hospital space.
It has operations in 24 countries, serving approximately 40,600 customers with its “fleet” of around 245,000 units and 11,400 remote accommodation rooms.
For the 12 months ended September 2017, the business generated adjusted gross profit of $483.4m and revenue of $1.06bn.
Algeco Scotsman declined to comment on the rumoured float.
TDR also owns the leisure centre chain David Lloyd and Slug & Lettuce parent Stonegate Pub Company, and did not respond to a request for comment.
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