Algeco Scotsman Announces Acquisition of Iron Horse Ranch
December 15 2017 - 3:31PM
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 ShaughnessyVice
President, FinanceAlgeco
Scotsman410-933-5921Scott.Shaughnessy@as.willscot.com