EQT Private Equity has made a majority investment in Austin-based Storable, a provider of software and technology to the self-storage industry. No financial terms were disclosed. According to terms of the deal, Cove Hill Partners will retain a minority stake in Storable.
EQT is pleased to announce that EQT Private Equity has made a majority investment in Storable (“the Company”), a leading provider of software and technology to the self-storage industry. Under the terms of the agreement Cove Hill Partners and management will retain a minority stake in the Company.
Storable offers an end-to-end integrated suite of technology solutions to empower self-storage operators to enhance efficiency and optimize occupancy. Storable’s offering includes a market leading software platform with embedded payment and insurance solutions and the leading online marketplace for self-storage operators. Storable is headquartered in Austin, Texas and has approximately 440 employees.
The end-market for self-storage is highly fragmented, has experienced consistent growth over the last few years and is undergoing significant digital transformation. EQT will support Storable’s continued scaling through investments in product innovation and commercial excellence, with a focus on sustainability. EQT has a long track record of advancing strong technology businesses through its collaborative governance approach with management, in-house digital team and global network of EQT advisors.
Arvindh Kumar, Partner at EQT Partners, said: “EQT is excited to invest in Storable and looks forward to partnering with Chuck Gordon and the entire team towards becoming the leading self-storage technology company in the world, doing so in a sustainable and future-proofed manner. The highly fragmented end-market for self-storage has experienced strong growth over the last several years and is undergoing significant digital transformation, for which EQT can provide global expertise. This investment demonstrates EQT’s strong interest in partnering with best-in-class technology companies supported by secular growth trends, exemplified by the self-storage industry.”
Chuck Gordon, CEO of Storable, added: “The entire Storable team is excited to partner with EQT to continue doing what we do best – helping our self-storage owners run better businesses with technology. EQT’s expertise will enable us to further enhance our existing products and launch new technology tools to help our storage clients increase their bottom line. Our clients should expect the same high standards of innovation, data privacy and support going forward.
Dan May, Managing Director of Cove Hill Partners and member of the Storable Board of Directors, added: “Cove Hill is thrilled to be continuing its strong partnership with Chuck and the Storable team as it enters its next chapter of growth. We look forward to welcoming EQT as a strategic partner, as Storable finds new ways to innovate its product offering and provide exceptional value to its dedicated customer base.”
The transaction is expected to close in Q2 2021, subject to customary conditions and approvals.
Evercore acted as financial advisor to EQT, Simpson Thacher & Bartlett LLP provided legal counsel and Kramer Levin Naftalis & Frankel LLP provided insurance counsel. William Blair & Company acted as financial advisors to Cove Hill Partners, and Ropes & Gray LLP provided legal counsel.
With this transaction, EQT IX is expected to be 30-35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
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Headquartered in Austin, Texas, Storable offers the self-storage industry’s most comprehensive suite of technology products known as the Storable Platform. The Storable Platform delivers management software, marketing websites, tenant insurance, payments, and the industry’s largest storage marketplace all in one integrated solution, designed to help storage operators increase efficiency, enhance occupancy, and improve profitability. The Storable family of companies includes SiteLink, storEDGE, Easy Storage Solutions, SpareFoot, Select Merchant Solutions, Storsmart, and Bader Insurance. Storable is backed by EQT and Cove Hill Partners and led by Co-Founder & CEO, Chuck Gordon.
More info: www.storable.com
About Cove Hill
Cove Hill Partners is a long-term oriented private equity firm focused on partnering with outstanding management teams to build market-leading consumer and technology companies. The firm was founded in 2017 by seasoned private equity investors to invest their personal capital alongside a small group of likeminded investors. The team currently manages an inaugural fund of over $1 billion with an innovative structure that provides the flexibility to enable a patient, concentrated and value-add approach in a small portfolio of long-term investments.
More info: www.covehillpartners.com