Algeco Scotsman Announces Acquisition of Iron Horse Ranch
BALTIMORE, Dec. 15, 2017 (GLOBE NEWSWIRE) -- 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:
Vice President, Finance
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Algeco Scotsman via Globenewswire
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