Adapteo Group to acquire the rental business of Danish modular building company, JYTAS A/S
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Vantaa, Finland; 17 June 2024 – Adapteo Group, the leading provider of adaptable space solutions for social infrastructure, has entered into an agreement to acquire JYTAS’ Rental Business, a prominent modular building rental company in Denmark. This strategic acquisition marks a significant step in Adapteo’s mission to expand its presence, capabilities, and premium offering within the Danish market.
JYTAS’ Rental Business, one of Denmark's most established modular rental companies, has earned an exceptional reputation for its superior quality and swift delivery across the country. Specializing in modular buildings for offices, schools, and healthcare applications and with over 50,000sqm on rent, JYTAS’ Rental Business has developed a robust rental business generating a rental revenue of 80 MDKK in 2023. The company's commitment to long-term rental contracts, ensuring stability and reliability for its clients.
"The acquisition of JYTAS' Rental Business marks an important milestone for Adapteo and presents a significant opportunity to enhance our offerings in Denmark. Their expertise in social infrastructure and sustainability aligns perfectly with our commitment to providing high-quality, adaptable, and circular buildings. This strategic move not only strengthens our market position in Denmark but also sets the foundation for pursuing similar opportunities in other markets," says Johanna Persson, President and CEO of Adapteo Group.
“Jytas has for several years been dedicated to the development of high-end modular buildings. These buildings are all designed to be reused, which enables a high degree of circularity, aligning with the still increasing sustainability initiatives that are driving the construction industry. Through cooperation with Adapteo, JYTAS aims to sustain its current high growth trajectory and will be able to play an even larger role in supporting its customers' transition toward greener building solutions”, says Christian Torp, CEO of JYTAS.
Adapteo continues to expand its geographical footprint both organically and inorganically across Europe. In 2020, Adapteo acquired Dutch Cabin Group, a prominent player with operations in the Netherlands, Germany, and Belgium. This acquisition marked a substantial expansion of Adapteo’s presence in these key regions. Additionally, Adapteo extended its influence in Norway through the strategic acquisition of Stord Innkvartering and in late 2021, Adapteo further solidified its position in Denmark by acquiring the modular building assets of Ajos.
In addition to its M&A track record, Adapteo has delivered double-digit organic revenue and EBITDA growth since 2021, reaching over € 350 million in revenues in 2023 with a portfolio of 1.5 million sqm, up from 1.2m in 2021. This growth trajectory has been underpinned by a combination of strong organic expansion and a successful M&A track record, anchored on a strong balance sheet. Over the last 3 years, Adapteo has capitalized on a strong market demand, deploying over € 400 million of fleet capex at attractive returns. In parallel, Adapteo has cemented its market position in the Nordics and has further strengthened its presence in Continental Europe with stronger foothold in the Benelux and Germany, where it intends to grow to a market leading position.
The transaction is expected to be completed in Q2-2024.
About Adapteo
Adapteo is a leading provider of premium, modular space solutions to meet diverse social infrastructure needs across Europe. With a focus on adaptability, circularity, and community development, Adapteo is advancing the industry’s approach to environments for learning, living, and working. Adapteo has a building portfolio of 1.5 million square meters and branches in Sweden, Finland, Norway, Denmark, Germany, Belgium, the Netherlands, and the Baltics. Goldman Sachs Asset Management acquired Adapteo Group in 2021.
JYTAS continues in Denmark
After divesting its rental business, JYTAS continues its activity by developing and selling high-quality modular buildings with low LCA numbers. JYTAS will, among other things, continue to sell and construct buildings that are certified according to the Nordic Swan Ecolabel and DGNB standards.
For more information, please contact:
Teemu Saarela
Chief Operating Officer
teemu.saarela@adapteo.com
Zoey Tsopela
Head of External Relations
zoey.tsopela@adapteo.com