Seeking Alpha

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."
Comments (1)
  • Wow. What a great deal. That's 21c more FFO on 2014 if converted.
    18 Oct 2013, 09:05 AM Reply Like
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