Shred-it International Inc, a portfolio company of Canadian private equity firm Birch Hill Equity Partners and other investors, has agreed to acquire the international shredding assets of Iron Mountain Inc (NYSE: IRM) in the United Kingdom, Ireland and Australia. The purchase price, disclosed by Iron Mountain, is about US$29.8 million. Additionally, Iron Mountain said it has agreed to acquire Securit Records Management Inc, a Shred-it affiliate, for about US$29 million. Both deals are expected to close in 2014. Earlier this year, Shred-it bought U.S.-based Cintas Corp‘s document destruction business. Birch Hill, which is currently launching its fifth fund, led the acquisition of Toronto-based Shred-it in 2009.
Shred-it To Acquire Iron Mountain’s Secure Shredding Business in the UK, Ireland and Australia
Toronto, Canada, November 11, 2014 – Shred-it International ULC. (“Shred-it”), the world-leading information security company, announced today that it has signed an agreement to acquire Iron Mountain’s international Secure Shredding business in the United Kingdom, Ireland and Australia. The deal is expected to close before the end of the year.
Iron Mountain’s international shredding operations include eight shredding plants and approximately 90 mobile shredding units across the UK, Ireland and Australia.
Shred-it EVP of EMEA Robert Guice noted, “This is a strategic opportunity for Shred-it and this acquisition would allow us to leverage existing infrastructure to better provide an enhanced service offering and expand our customer base in key EMEA markets. Further, going forward, Shred-it and Iron Mountain will work together to provide seamless support for shared customers in these regions.” Guice added, “Acquisitions will continue to play an important role in Shred-it’s corporate plans complementing organic growth and extending our brand on a global basis.”
This past decade has been one of tremendous growth and success, as the organization has increased the pace of its acquisitions. In the past four years, the company has acquired 28 secure destruction companies.
The transaction, which was approved by both Shred-it and Iron Mountain’s Board of Directors, is expected to close before the end of the year, subject to customary and other closing conditions.
Shred-it is a world-leading information security company providing information destruction services that ensure the security and integrity of our clients’ private information. The company operates in 140 markets throughout 17 countries worldwide, servicing more than 300,000 global, national and local businesses.
About Iron Mountain
Iron Mountain Incorporated (NYSE:IRM) is a leading provider of storage and information management services. The company’s real estate network of over 67 million square feet across more than 1,000 facilities in 36 countries allows it to serve customers around the world. And its solutions for records management, data management, document management, data center management and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information. Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information.
Katarina Kristanic, 41-79-456-7985
Senior Manager, PR & Communications
NATIONAL PR (for Shred-it NA)
Sherry Bosivert, 416-848-1709
on behalf of Shred-it NA
Weber Shandwick (for Shred-it UK)
James Page, 44-20-7067-0206
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