Iron Mountain Agrees to Sell Shredding Operations in UK, Ireland and Australia to Shred-it and Acquire Canadian-based Securit Records Management
BOSTON – November 11, 2014 – Iron Mountain® Incorporated (NYSE: IRM), the storage and information management firm, today announced it has signed a definitive agreement to divest its international shredding operations located in the United Kingdom, Ireland and Australia to Shred-it International ULC (“Shred-it”) for approximately US$29.8M. Additionally, Iron Mountain has agreed to acquire Canadian-based Securit Records Management Inc., an affiliate of Shred-it International ULC, for approximately US$29M. The deals are subject to customary closing conditions and price adjustments, and are expected to close by the end of the year.
Iron Mountain’s international shredding operations include eight shredding plants and approximately 90 mobile shredding units across the UK, Ireland, and Australia. Going forward, Iron Mountain and Shred-it will work together to provide seamless support for shared customers in these regions.
“We chose to divest our UK, Irish and Australian shredding businesses because collectively they are much smaller than our North American operations, and we did not benefit from the same scale,” said William L. Meaney, president and CEO of Iron Mountain. “After an extensive review of our international product portfolio, we concluded that collaborating with Shred-it was a better option in these countries, allowing us to support our customers’ document destruction needs and freeing-up resources for making future investments in our growing records management and data management businesses.”
Additionally, the acquisition of Securit Records Management aligns with Iron Mountain’s vision to expand its capacity to provide records management services and to grow its brand as a leading information management solution provider. Securit Records Management in Canada consists of nine facilities and 3 million cubic feet of records. Two of the largest facilities are located in Ottawa and Toronto, where Iron Mountain sought additional space to support new and existing customers.
Iron Mountain will continue to operate its substantial shredding business throughout North America, which includes 21 plants, 290 mobile shredding units and serves more than 43,000 customers.
Shred-it is a world-leading information security company providing information destruction services that ensure the security and integrity of our clients' private information. The company operates in 140 markets throughout 17 countries worldwide, servicing more than 300,000 global, national and local businesses.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage and information management services. The company’s real estate network of over 67 million square feet across more than 1,000 facilities in 36 countries allows it to serve customers around the world. And its solutions for records management, data management, document management, data center management and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information . Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information.