Castle Corporate Finance Limited has advised the AIM listed self-storage group Lok’nStore Plc on the strategic disposal of its records management subsidiary, Saracen Datastore Limited, to international records management giant, Iron Mountain.
Saracen was incorporated in 1991 and has a long history of providing quality services to a diverse client base. Operating from two locations in Bucks and Surrey, Saracen contributed £0.66 million of EBITDA to Lok’nStore’s results in the year ended July 2018. Saracen was sold for total day one cash consideration of £7.64 million.
Castle acted as lead advisers to Lok’nStore and led and project managed a highly competitive auction process with a short list of interested parties to produce a number of viable bids. Iron Mountain was ultimately able to secure the deal through its eagerness to meet value expectations and stringent deal process requirements as well as provide certainty of transaction via its well versed acquisition approach.
Victoria Ansell at Castle said: “We are extremely pleased to have assisted Lok’nStore with this strategic transaction, which will help them to focus on their core aim of continuing their rapid growth in the self-storage market. Castle was tasked with designing and running an efficient process, in a tight timescale, but Saracen was a desirable target and attracted plenty of attention with the deal completing just over two weeks from the granting of exclusivity. It was an excellent result for all involved.”
Castle Managing Director, Stuart Stepney, added: “I am very pleased that we were able to successfully assist Lok’nStore on this important transaction to Iron Mountain. We wish both parties the very best of success in the future.”