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Goodman Derrick advises Lok'nStore on its strategic disposal of Saracen Datastore to Iron Mountain.
Goodman Derrick has advised AIM quoted Lok’nStore Group plc in relation to the strategic disposal of its records management subsidiary, Saracen Datastore Limited, to Iron Mountain (UK) plc. The consideration paid in cash on completion was £7.6 million. 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.
Andrew Jacobs, CEO of Lok'nStore said:
“Executing this strategic disposal and making these further acquisitions continues our strategy of increasing the number of fast growing landmark self-storage centres. We are reallocating capital to enhance the efficiency and quality of our portfolio and expand our asset value whilst further strengthening our balance sheet. We take a tactical approach to the management of both property and financial assets creating value without significantly increasing risk whilst maintaining the predictable growth in dividends for investors.”
Goodman Derrick team was led by Joanna Higton with assistance from Richard Pull and Katie Lott. Castle Corporate Finance Limited provided corporate finance advice to Lok’nStore on the transaction. Mills & Reeve acted for Iron Mountain.
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