Extra Space Storage Inc., a Salt Lake City company that owns and operates rental storage facilities across the country, has bought Bloomington, Indiana-based Storage Express. The acquisition includes 107 separate properties across Indiana, Ohio, Illinois and Kentucky.
Extra Space said in a release that the transaction includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. Total consideration for the acquisition was approximately $59 million. Extra Space also purchased E-Tracker, a storage software operating platform which supports Storage Express locations, as well as Bargold Storage Systems LLC, which was acquired by Extra Space in June.
“We are excited about the merger of these two great companies and the expansion of our national portfolio and operating platform,” said Joe Margolis, CEO of Extra Space. “In addition to increased scale, this acquisition provides a new growth channel for Extra Space Storage to add smaller, remote-managed stores in both new and existing markets through acquisition and third-party management. I want to thank the employees of both companies for their hard work and strong execution on this transaction.”
Margolis also said that Jefferson Shreve, founder and former owner of Storage Express, has been appointed to the Extra Space board. Shreve is currently the chairman of the Self-Storage Association board of directors.
“I want to welcome Jefferson Shreve to the Extra Space Storage board. Jefferson has been a pioneer in remote managed storage strategies and we are excited to add his deep industry expertise as a director,” said Ken Woolley, chairman of the Extra Space Storage board.
Extra Space Storage owns and/or operates 2,177 self-storage properties, which comprise approximately 1.6 million units and approximately 168 million square feet of rentable storage space, making it the the second-largest owner and/or operator of selfstorage properties in the United States.