Wraith Plc, the AIM-listed provider of portable accommodation units, is to be acquired by private equity firm TDR Capital for £30.3m.

TDR will pay 105 pence-per-share, which represents a premium of 15 per cent on Wraith's closing price on Wednesday, and will make the acquisition through its Shieldmarker Ltd subsidiary. Capital Management & Investment Plc will also part fund the acquisition. 

TDR Capital will combine Wraith with its existing Algeco/Elliot business, which it says will create Europe's leading portable accommodation operator. Algeco/Elliott recorded revenues of £366m in 2006.

Wraith is a family company based in Lincolnshire, and its products include a Jackleg portable building range, steel anti-vandal accommodation units and stores, steel fire rated units and a modular building range. Managing director Jonathan Wraith should receive around £4.8m from the sale, with his father, chairman David Wraith, due to get around £2.6m. 

Wraith's financial results for the year to March 2006 showed a revenue increase of 50 percent to £21.3m, with pre-exceptional pre-tax profits of £1.6m.