The company operates 161 self-storage facilities throughout the Canadian provinces
May 13, 2019: StorageVault Canada Inc., has agreed to acquire three self-storage properties under control of affiliate Access Self Storage Inc and the assets and business of RecordXpress. It is an information and records management firm owned by Access based on Alberta. This one is a 32.5 million deal which includes two operating self-storage locations in Toronto and a 4-acre property in London, Ontario.
The self storage property at London is adjacent to a Real Storage site that is a part of $275 million, 38-property transaction of Storage Valt. Closing of the Acquisition is subject to the satisfaction of customary closing conditions, including TSXV acceptance of the Acquisition and certain third-party consents. The transaction is expected to close after the Real Storage deal is complete, according to Steven Scott, CEO of StorageVault.
“StorageVault officials believe the records-management business is a complementary vertical, similar to its 2018 acquisition of Cubeit Portable Storage Canada Inc., that will deliver sticky cash flow, adding that the RecordXpress infrastructure will provide the backbone for launching a valet-storage business.” Said by Scott.
The deal will be paid for by the issuance of $8.3 million common shares, along with mortgage financing and cash.
StorageVault has a portfolio of 107 owned properties comprises more than 6 million rentable square feet. The company operates self-storage facilities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan.