Wells Fargo Capital Finance UK led a £100 million ($123.34 million) asset-based lending facility for Algeco, which is part of the Modulaire Group, a business services company specializing in modular services and infrastructure.
“We are delighted to have completed our refinancing with Wells Fargo,” Rosie Jones, corporate treasurer with Algeco, said. “Wells Fargo demonstrated a flexible, commercial and responsive approach to our needs. We look forward to a long and prosperous relationship with them.”
“It’s exciting to provide financing to Algeco as they continue their journey,” Julian Osborne, director of Wells Fargo Capital Finance, said. “It has been a pleasure to work with their management team and shareholders, and we look forward to a long and productive business relationship.”
The Modulaire Group was acquired by Brookfield in 2021. It has operations in 23 countries and more than 250,000 units providing spaces wherever they are needed. Assisted by the new facility, the Modulaire Group has further strengthened its UK business with the acquisition of Mobile Mini UK. Mobile Mini has a national network of 16 locations in the UK and is a supplier of steel storage and accommodation units across multiple sectors.
