Summit Park Acquires Certain Assets in the U.S. and Canada from Iron Mountain
Summit Park, a Charlotte-based private investment firm, is pleased to announce its acquisition of certain assets from Iron Mountain Inc. ("IRM"). As disclosed by IRM, the purchase price for the assets was $50 million. The company, which will operate under the name Arkive (the "Company"), will be a leading provider of document storage services in Seattle and Atlanta within the United States and in Montreal, Ottawa, Calgary, Vancouver, Edmonton and Toronto within Canada.
The assets were divested pursuant to the U.S. Department of Justice and Canadian Competition Bureau's requirement that IRM divest of certain document storage assets following the acquisition of Recall Holdings Ltd. ("Recall").
Headquartered in Atlanta, GA and led by a tenured legacy Recall management team, Arkive is a provider of records management solutions to a highly diverse base of customers. The Company is one of the largest providers of document storage services in Canada and is a leader in each of the U.S. markets in which it operates. Arkive will differentiate itself in the document storage industry by offering high levels of customer service particularly to small and medium sized businesses. In addition, the Company plans to further expand into related services, such as imaging, shredding and electronic file management.
Matt Magan, Principal at Summit Park said, "We are very excited to partner with the Arkive leadership team. We see a tremendous opportunity to organically expand the Company's geographic footprint and service offering while also making accretive add-on acquisitions in order to establish Arkive as a leading North American records management business."
The transaction marks Summit Park's fourth platform investment in its second fund, Summit Park II. NXT Capital and BMO Sponsor Finance provided the debt financing for the transaction.
For more information please contact Rachel Hannon, firstname.lastname@example.org or (704) 654-3400 x240, at Summit Park.
About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused exclusively on the lower middle market. The firm invests across a wide range of industries, including business and consumer services, light manufacturing and value-added distribution. Summit Park targets businesses with revenue between $20 and $100 million and located in the Eastern half of the United States. The firm's capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan. For more information, visit www.summitparkllc.com.
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