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Friday, Oct 18
Iron Mountain acquires Cornerstone Records for $191M
- Iron Mountain (IRM) acquires record storage and shredding/data protection services provider Cornerstone Records Management for $191M in cash.
- Cornerstone operates 36 leased facilities primarily in the Mid-Atlantic and Northeast regions. The acquisition adds "a complementary group of small and mid-sized organizations to [Iron Mountain's] customer base."
- Management expects "limited" impact on 2013 results; in 2014, additional revenue of $50M-$55M and OIBDA of $20M is expected as "real estate synergies are achieved."