Iron Mountain Incorporated® (NYSE: IRM), the storage and information management company, today announced its intention to acquire Crozier Fine Arts, a storage, logistics and transportation firm for high-value paintings, photographs and other types of art belonging to individual collectors, galleries and art museums. The transaction includes four storage facilities totaling approximately 500,000 square feet and is expected to close by Dec. 1, 2015, pending the satisfaction of customary closing conditions.
Based in New York City, Crozier is a leader in art storage and an industry advocate for worldwide standards. The company provides services that support the art management lifecycle from initial purchase to final sale, including secure storage, climate-controlled vaults, viewing areas, consultation, installation and project management services, and international shipping capabilities for art industry professionals and collectors all over the world.
While Iron Mountain is best known for its data storage and management services, the company has a legacy of providing tailored services and facilities for preserving unique, high-value items such as films, photographs, music recordings and historical archives. Iron Mountain provides services and solutions that include climate-controlled facilities; digitization and conversion services; services for restoring damaged or decaying items; and highly-secure transportation.
“Art storage is strategically aligned with our brand and is a natural extension of the work we already do to protect one-of-a-kind assets for industries like media and entertainment,” said William L. Meaney, president and CEO of Iron Mountain. “Founder Bob Crozier has built a great company, and his team is the best at what they do. We’re excited to welcome them to Iron Mountain, and we look forward to serving their customers with the same high-quality service and expertise they’ve come to expect.”
The $900 million fine art storage industry is a growing but fragmented industry marked by increasing international interest and changes in acquisition and purchasing habits by collectors and museums. The rise (and availability) of contemporary art as a focus for collectors has caused a spike in storage needs, while the increase in auction “turnover” – the rate at which catalogs, collections and individual pieces are made available for auction – has heightened the need for transportation, shipping, and related services. Taken together, these factors have the fine arts storage industry poised for significant growth.
“Our customers have long trusted Crozier for our careful approach to storage and our well-established relationships in the world of fine arts,” said Bob Crozier, founder of Crozier Fine Arts. “From our humble beginnings in SoHo in 1976 to today, Crozier has strived to provide the best and most complete fine art storage and retrieval services to both artists and art lovers alike. Joining a company like Iron Mountain that has its own reputation for protecting valuable assets will enable us to expand our reach in a way we wouldn’t have been able to do on our own.”
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 with speed and accuracy. And its solutions for records management, data management, document management, and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information for business advantage. 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.