Temporary Space Nordics expands its presence in the modular space sector by acquiring the Danish modular space business from GSV Materieludlejning.
About a year after Procuritas’ investment in Temporary Space Nordics (TSN), the modular space business of GSV Materieludlejning is joining the TSN Group to further strengthen TSN’s Danish footprint. GSV Pavilion operates approximately 1,600 pavilions in the Danish market, delivering flexible re-housing solutions to the public sector as well as corporate customers, focusing on schools, kindergartens and offices. The combined business is expected to have a pro-forma turnover of ca 425 MSEK.
Magnus Kjellin, CEO of Temporary Space Nordics, says; “With the support from Procuritas we are being able to deliver on our ambitious growth strategy. This acquisition is an important milestone in increasing our size in Denmark, and given the shared values and approach to customers in the two companies, we expect a very productive corporation which will benefit our combined customer base.”
“Joining Temporary Space Nordics with its dedicated focus on modular space solutions is a great opportunity for us and we are excited for our future growth journey together.” says Karsten Jørgensen, CEO of GSV Pavilion.
Oskar Lindholm-Wu, Partner at Procuritas says “We are very pleased to support Magnus Kjellin and his team, to continue to build upon TSN’s Danish presence.”
“The underlying market fundamentals for temporary space solutions are strong, and we believe the market will continue to deliver growth going forward. We further wish to give a warm welcome to Karsten Jørgensen and his dedicated team to TSN and the wider Procuritas group.” says Erik Fougner, Partner at Procuritas.
The transaction is subject to customary approvals and closing of the transaction is expected at year end 2019.
For further information, please contact:
Temporary Space Nordics AB
Magnus Kjellin, CEO
Tel +46 8 400 140 01
Tel +46 8 506 143 00
Tel +46 8 506 143 00
Karsten Jørgensen, CEO
Tel. +45 21 43 65 91
About Temporary Space Nordics AB
Temporary Space Nordics offers high quality module building solutions for temporary need primarily for accommodation, schools, health care centers and office spaces. The company was founded in Uppsala, Sweden, in the 1980’s, and was previously operated as a separate business unit within Ramirent Plc. Today, TSN is headquartered in Sweden with operations in Norway, Denmark and Finland as well.
About Procuritas/PCI VI
Procuritas Capital Investors (”PCI VI”) is a private equity fund focusing on mid-sized companies in the Nordic region. PCI VI launched in 2017, with ca. MEUR 318 in committed capital. With a passion for business, extensive industrial experience and more than thirty years’ track record covering a large variety of transactions, Procuritas has supported over 40 companies with the aim to accelerate their growth and realize their true business potential.
About GSV Materieludlejning A/S
G.S.V. Materieludlejning A/S was founded in 1964 and is one of the oldest rental equipment companies in Denmark. The company has a wide product portfolio focused on small, light and heavy equipment, with and without drivers, used in construction and civil engineering projects. Customers are from small to the larger general contractors. The headquarter is located in Hedehusene and the company employs approximately 510 people servicing customers across Denmark via fifteen – 23 depots.