You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Boston’s Target Logistics Management agrees to be acquired in a deal worth up to $625m

Algeco Scotsman said it has agreed to buy Target Logistics Management LLC in a deal that could be worth up to $625 million.

Boston-based Target Logistics is a provider of remote workforce accommodations for the US oil and gas industry as well as to related industry sectors. It says it has an operational headquarters in Greater Houston.

Continue reading below

Headquartered in Baltimore, Algeco Scotsman provides modular space and secure portable storage solutions, managing a fleet of more than 310,000 units with operations in 37 countries.

“The transaction further solidifies Algeco Scotsman’s position as the leading modular space business services provider and specifically facilitates Algeco’s continued strategic expansion in the highly attractive global remote accommodation segment,” Algeco Scotsman said in a press release.

As for the purchase price, Algeco Scotsman said that $275 million is payable at closing and about $350 million is deferred and linked to Target’s performance over the next few years. The transaction is subject to certain customary closing conditions and is expected to be completed by the end of February.

In a statement, Brian Lash, chief executive of Target Logistics, said, “Together, we have an enhanced opportunity to expand our business globally to better serve our customer needs.”

The Target Logistics team of more than 400 employees will continue to operate under its current brand, and the existing Target Logistics management team will remain in place, Algeco Scotsman said.

Chris Reidy can be reached at reidy@globe.com.
Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.