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PE-backed Algeco Scotsman acquires Chard Camp Catering Service

Algeco Scotsman and its subsidiary Target Logistics have acquired Chard Camp Catering Service Ltd, a Fort McMurray, Alberta-based provider of remote workforce housing and catering services. The financial terms of the deal were not published. Going forward, Chard will be led and managed by Target, a modular and oil field housing and workforce housing company based in Boston, Mass., allowing it to expand into the Canadian market. Baltimore, Maryland-based Algeco has been a portfolio investment of British private equity firm TDR Capital since 2004.

PRESS RELEASE

Target Logistics Establishes Presence in the Canadian Oil Sands

Algeco Scotsman, parent company of Target Logistics, completes acquisition of Chard Camp Catering Service Ltd.

THE WOODLANDS, Texas–(BUSINESS WIRE)–Target Logistics, a global provider of remote workforce accommodations, and its parent, Algeco Scotsman, the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, announced today the acquisition of Chard Camp Catering Service Ltd. (“Chard”), a Canadian provider of remote workforce housing and catering services. Chard was acquired by a Canadian subsidiary of Algeco Scotsman and will be led and managed by Target Logistics.

“Our approach results in greater productivity, lower attrition, enhanced morale and improved safety in the workplace. Our most important job is making sure that our guests are well-prepared to do theirs.”

Chard owns and operates a 278-bed open camp located on Highway 881 at kilometer marker 242 (about 40 kilometers south of Anzac and 88 kilometers south of Fort McMurray). The facility has significant space for future expansion to accommodate the region’s fast-growing steam assisted gravity drainage (SAGD) operations.

“This transaction represents a strategic acquisition for Algeco Scotsman and Target Logistics and marks the beginning of our expansion into the rapidly expanding Canadian remote accommodation management segment. This business complements our existing accommodation, office, and storage leasing and sale business, broadening our offering to this attractive market,” said Jean-Marc Germain, president and chief executive officer for Algeco Scotsman.

“We are excited to bring our turnkey product and service offering to the Canadian oil sands,” stated Brian Lash, founder and chief executive officer for Target Logistics. “Canada’s energy and resource sectors are very dynamic and present a significant growth opportunity for Target Logistics. As in every region in which we operate, Target Logistics is committed to creating meaningful and lasting relationships with the local community.”

With the addition of Chard, Target Logistics operates 17 properties in the United States, Canada and Mexico with more than 5,500 total beds.

Target Logistics became the largest remote workforce housing provider in the U.S. by focusing on workforce productivity, causing it to deliver a positive return on investment for its clients. “The perfect balance of superior nutrition, home-style comfort, recreation, entertainment, fitness amenities and lodge security make up what Target Logistics coined ‘The Economics of Comfort®,’” said Lash. “Our approach results in greater productivity, lower attrition, enhanced morale and improved safety in the workplace. Our most important job is making sure that our guests are well-prepared to do theirs.”

Current guests of Chard will notice property and service improvements. Significant renovations are being planned for the future, including new rooms and amenities, a new kitchen, a new dining room and recreation facilities.

Chard was acquired from its former shareholders at a total enterprise value of CAD $10.8 million.

Cautionary Notice Regarding Forward-Looking Statements

This press release may contain forward-looking statements, which reflect Algeco Scotsman’s and/or Target Logistics’ expectations regarding future operational and financial performance. 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 that 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, neither Algeco Scotsman nor Target Logistics undertakes any obligation, and each specifically declines 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 a 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 37 countries with a modular fleet of approximately 306,000 units. The company operates as Williams Scotsman in North America, Algeco in Continental Europe, Elliott in the United Kingdom, Eurobras in Brazil, Ausco in Australia, Portacom in New Zealand and Target Logistics globally.

About Target Logistics

Target Logistics, an Algeco Scotsman company, operates in some of the world’s most remote environments supporting oil, gas, construction and mining operations; government agencies; disaster relief; and large-scale events with temporary workforce lodging, mobile crew camps and extended-stay hotels. Named by Inc. magazine in 2012 and 2013 as one of “America’s Fastest Growing Private Companies,” the company has administrative headquarters in Boston; operational headquarters in The Woodlands, Texas; and offices in Williston, N.D.; Denver; Edmonton, Alberta; and Sydney. Visit www.TargetLogistics.net or call (800) 832-4242.

Contacts

Media Inquiries
Randy E. Pruett
Pierpont Communications for Target Logistics
(214) 217-7300 (Office) / (214) 505-1685 (Mobile)
rpruett@piercom.com
or
Investor Relations Contact
Scott Shaughnessy
Algeco Scotsman
(410) 933-5921
Scott.Shaughnessy@as.willscot.com
or
Housing Inquiries
Stewart Orange
(780) 995-9156
sorange@targetlogistics.net
or
Ross Sturgeon
(780) 868-7580
rsturgeon@targetlogistics.net

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