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Modulaire Group Strengthens Spanish Business With Acquisition Of Balat
Modulaire Group, a leading business services company specialising in modular space, is pleased to announce it has agreed to acquire Alquibalat, S.L. (“Balat”) in Spain.
Based in Pamplona, Balat is a leader in the Spanish market for the rent and sale of modular buildings, with a strong presence in the construction sector. It operates over 15,000 units from 15 sites in Spain and Portugal, including in Madrid, Barcelona, Bilbao, Coruna, Malaga, Seville, and Valencia. Balat had revenues of €32 million in 2020 and has approximately 165 employees. The transaction, which remains subject to review by the CNMC, the Spanish competition authority, is expected to close by Spring 2022.
Mark Higson, Modulaire Group’s Chief Executive Officer, commented: “We are delighted to confirm the transaction with Balat, a leader in modular buildings in the growing Spanish market. The strength of the business is a testament to the experience and hard work of Management. I look forward to working with the team.”
Rafael Baranda, Chief Executive Officer of Balat said: “We believe the takeover by Modulaire Group will strengthen the future of Balat, support the next phases of growth and provide Balat’s team further opportunities to grow their careers. We would like to take this opportunity to thank our professionals for their hard work and commitment in developing Balat’s business.”
The acquisition of Balat will be Modulaire Group’s fourth acquisition in 2021 and the tenth acquisition worldwide since the beginning of 2020. A targeted acquisition strategy remains one of Modulaire Group’s four strategic objectives, alongside an efficient cost base, a focus on optimising sales and granular management of branch level performance, and effective capital investment.
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