Adapteo to acquire modular building specialist

Adapteo Group is to acquire the rental business of Danish modular building company JYTAS. No financial details of the transaction have been revealed.

Based in Gallen, the company specialises in modular buildings for offices, schools, and healthcare applications. It generated rental revenues of 80MDKK (€10.7 million) in 2023.

Adapteo said the deal is a “significant step” in its goal to expand in its presence, capabilities, and premium offering within the Danish market. It is expected to close in the second quarter of 2024. 

Johanna Persson, president and CEO of Adapteo Group, said, “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.”

Christian Torp, CEO of JYTAS, added, “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.”

The deal for the rental division follows similar acquisitions the company has completed in recent years. In 2020 it added Dutch Cabin Group to its portfolio, while it has since acquired Stord Innkvartering in Norway and Ajos in Denmark. 

Those acquisitions have seen the company achieve double-digit growth sonce 2021, reaching revenues of more than €350 million in 2023.