Cornerstone Records Management has acquired Nova Records Asset Management, a record storage business, for an undisclosed amount. Cornerstone Records Management is a portfolio company of Chicago-based Sterling Partners.
Cornerstone Records Management, LLC announced today that it has completed its acquisition of the assets of Nova Records Management,
“We are very excited about having Nova become part of Cornerstone,” said Steven Sisney, President & CEO of Cornerstone. “Nova gives us a very attractive platform from which to grow our business in the Northeast and Mid-Atlantic markets”.
“We are impressed with how the Nova management team has acquired and integrated a number of smaller businesses over the past several years and has become one of the largest players in our industry today.”
“By accelerating the pace and amount of investment into the business, 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 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 is opening a records storage center and a separate media vault in the Denver area this month.
“We are committed to investing in opportunities that will increase the rate of our organic growth as well as making selective, complementary acquisitions,” stated Rick Elfman, Senior Managing Director for Sterling Partners. Sterling is the lead investor in Cornerstone.
Cornerstone will continue to do business as LA Records Management in the Los Angeles area, Cornerstone Records Management in the Denver market, and Nova Records Management in the Northeast and Mid-Atlantic markets.
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. 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.
About Sterling Partners
Sterling Partners, founded in 1983, is a growth oriented, private equity firm with offices in Chicago, Illinois and Baltimore, Maryland. 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.