ALGECO ANNOUNCES CEO SUCCESSION
LONDON (September 6th 2019) – Algeco Group, Europe and Asia Pacific’s leading business services company specialising in modular space, has today announced that Andrew Tyler, Chief Executive Officer, will be stepping down from his role in November 2019.
Algeco has initiated the search for a new CEO to work alongside Mike Smith, Chairman, who joined the business earlier this year to lead the next phase of the company’s growth. Andrew will continue to support Algeco’s Executive team through the transition period.
As CEO of Algeco, Andrew led the creation of Algeco Group, integrating the European and Asia Pacific businesses and moving the Headquarters from Baltimore to London. He oversaw the successful integration of Touax Solutions Modulaires and the spin-off of Target Hospitality, the North American remote accommodation business. During his tenure the Company has grown significantly, with underlying EBITDA growth of 26% (including the integration of a significant acquisition). At the 2019 Half-Year EBITDA grew 6% organically in challenging trading conditions. In the past year net leverage was reduced from 6.2x to 4.6x.
Today, Algeco is Europe and Asia Pacific's leading business services company specialising in modular space with approximately 240,000 modular space and storage units. The business benefits from strong recurring revenue streams, a best-in-class value added products and services offering and plays into the broader secular trend towards modularisation and agile space solutions.
Mike Smith, Chairman, said: “Andrew has led a period of major change at Algeco and I would like to thank him for his significant contribution and wish him all the very best in the future.”
Algeco is Europe and Asia Pacific’s leading business services company specialising in modular space.
We create smart spaces for people to live, work and learn.
We deliver for our customers, wherever, whatever and whenever the need. We are:
- Available: wherever the project, big or small, we can deliver anywhere.
- Adaptable: whatever the customers need – space, furniture, equipment, connectivity – we provide turnkey solutions.
- Reliable: whenever we are required we have the expertise to get it right first time.
Headquartered in London, Algeco has operations in 22 countries with approximately 240,000 modular space and portable storage units and 3,400 remote accommodation rooms. The company operates as Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand and Algeco Chengdong in China.
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Media Relations Contact: Douglas Campbell or Paul Durman