Safestore buys Space Maker
The UK’s leading self-storage company Safestore will expand its presence across the country further, after agreeing terms to acquire smaller rival Space Maker in a deal worth up to £44.4m (US$65m).
The acquisition of Space Maker’s 12 sites in Bournemouth, Colchester, Redhill, Romford, Brentford, Chelmsford, Exeter, Leeds, Plymouth, Portsmouth, and Poole will boost Safestore’s UK portfolio to 110 stores (once it opens three new facilities of its own later this year).
Space Maker is currently the ninth largest company in the UK sector. In the financial year to the end of April, it recorded earnings before interest, taxation, depreciation, and amortisation (ebitda) of £3.9m on a turnover of £8.7m.
Safestore will pay £43m on completion and make a further deferred payment of up to £1.4m withn three years, subject to Space Maker achieving certain performance targets over the period. It will finance the acquisition from existing debt facilities.
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