Alantra advises Procomm on its sale to Modulaire Group
Alantra, the independent global mid-market investment banking firm, has advised the shareholders of Procomm Site Services Ltd (“Procomm”) on the sale of the business to Modulaire Group, providing an exit for majority shareholder, Portchester Equity Limited (“Portchester”). Modulaire Group is the leading modular space leasing business in Europe and Asia Pacific backed by Brookfield Business Partners.
Procomm is a leading provider of portable modular accommodation in the UK with a broad range of end markets including general construction, public sector and petro-chemical. With four strategically placed depots across the country, its c. 8,000 strong fleet is highly compatible with Modulaire Group’s existing UK businesses.
The expert management team, with over 100 years of collective industry experience and strong track record, will remain with Procomm, which will operate alongside Elliott, Carter and Advanté, Modulaire Group’s other specialist businesses in the UK. Procomm marks Modulaire Group’s third acquisition in 2021 and the tenth acquisition worldwide since the beginning of 2020.
Steve Currie, Partner at Alantra and lead advisor on the transaction commented: “Procomm is recognised as a leading player in the UK modular accommodation market. The company has achieved significant growth with the backing of Portchester and we’re delighted to have advised the shareholders on this successful deal. Modulaire Group will be an excellent partner to support Procomm during this next chapter of growth.”
David Harbord, Managing Director of Portchester Equity, said: “Portchester Equity Limited would like to congratulate the Procomm management team on the sale of the business to Modulaire. The team has worked tremendously hard to develop the business into a leading player in the modular accommodation market. We are delighted with the outcome, as the culmination of ten years of collaboration and working as a long-term investor to support them in their growth ambitions and wish them every success in the future.”
Bernie Cranny, Managing Director of Procomm, said: “The Alantra team have provided fantastic support throughout the deal. They understood our business and always demonstrated extensive attention to detail and we have achieved a great outcome. We’re really excited to join Modulaire Group and become part of the leading modular space provider in Europe. We’re proud of the growth we have achieved to date and look forward to embarking on the next stage of our journey.”
Procomm was also advised by Shoosmiths (Legal).