TDR takes Wraith private

The buyout firm has tabled an agreed bid of £30m to de-list the modular accomodation business, which it plans to merge with two of its existing portfolio companies.

TDR Capital has made an agreed cash offer for Wraith, a modular accomodation business, and will pay about about £30.29 million or 105 pence per share, to take the company private. The price is a 15.4 percent premium on yesterday’s closing price of 91 pence.

Stephen Robertson, a co-founding partner at TDR, said: “We believe that the combination of Wraith, Algeco and Elliott [two TDR portfolio companies] will be able to drive the industry forward in Europe, in both products and service.”

The enlarged group will be the leading European player in portable accommodation, TDR said.

For the full year to 31 March, Wraith posted a pre exceptional pretax profit of £1.6 million, and revenues of £21.3 million, a 50 percent increase from the £14.1 million reported in 2005.

The Wraith directors and certain other Wraith shareholders, representing 85.3 per cent of the issued ordinary share capital of Wraith, have irrevocably undertaken to accept the offer.

Citigroup acted as financial adviser and broker to TDR.

In September 2004, TDR acquired Algeco, which also rents and sells modular buildings to public authorities, industrial and commercial clients in France, Germany, Spain and Portugal.

In May 2005, TDR acquired Elliott, a portable building rental company in the UK. Algeco/Elliott reported consolidated revenues of €545 million in 2006.