Iron Mountain Incorporated had purchased Cornerstone Records Management. The acquisition would have Iron Mountain grow its core information storage business by adding complementary small and mid-sized units into its customer base.
The acquisition transaction was priced at around USD191 million. The deal was paid in an all cash transaction, subject to price adjustments.
Cornerstone Records Management provides records storage along with data protection and document shredding services to small and medium sized businesses. The company had been operating in the Northeast and Mid-Atlantic regions of the United States. Cornerstone Records also operates in Southern California, Houston and Denver.
According to President and CEO of Iron Mountain William Meaney, "Acquiring Cornerstone is further example of how we use targeted acquisitions to advance our business strategy. In our mature markets like the U.S., selective M&A is one way we seek to expand our market presence, grow rental revenues from our storage business and sustain the durability of our strong cash flows. Cornerstone is a high-quality business that helps us meet these goals by adding a complementary group of small and mid-sized organizations to our customer base."
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