Cornerstone Records Management, a portfolio company of Sterling Partners, has acquired Simi Valley, Calif.-based Information Management Storage Inc. No financial terms were disclosed.
Cornerstone Records Management, an information management company owned by Sterling Partners, acquired the assets of Information Management Storage, Inc. (IMS) for an undisclosed amount.
“We are very excited about having IMS become part of Cornerstone,” said Steven Sisney, President & CEO of Cornerstone. “Based in Simi Valley, IMS supports our strategy to expand our presence in Southern California. They will become part of Cornerstone’s Western Division which is headquartered in Van Nuys, CA”.
The acquisition of IMS follows the May 2009 acquisition of East Coast based Nova Records Management which gave Cornerstone a significant presence in the Northeast and Mid-Atlantic markets.
“By accelerating the pace and amount of investment we are making in Cornerstone, we will be able to further enhance the services and benefits available to our customers, expand career opportunities for our employees, and provide an attractive return to our investors,” added Sisney.
In addition to making selective, complementary acquisitions, Cornerstone is focused on driving organic growth. The company opened two new facilities in the California market in the second half of 2008 and has opened a records storage center and a separate media vault in the Denver area this summer. A new records storage facility in Swedesboro, NJ opened earlier this month.
About Cornerstone Records Management
Cornerstone Records Management LLC entered the market in 2008 with the acquisitions of LA Records Management, Inc and Microshred, Inc. Since then, Cornerstone has added two new facilities in California and two in the Denver area. Cornerstone expanded into the East Coast with the May 2009 acquisition of Nova Records Management. Serving a broad customer base, Cornerstone provides a wide range of services including the storage and management of hard copy records, both plant based and mobile document destruction services, electronic media vaulting, and digital imaging. Cornerstone does business as LA Records Management in the Southern California area, Cornerstone Records Management in the Denver market, and Nova Records Management in the Northeast and Mid-Atlantic markets.
About Sterling Partners
Sterling Partners, the lead investor in Cornerstone, was founded in 1983, and is a growth oriented, private equity firm with offices in Chicago, IL and Baltimore, MD. With over $4 Billion in assets under management, Sterling has established a proven track record of successful investment activity throughout a variety of economic and market environments.