SROA Capital Fund VIII announced that they have closed the purchase of 100% ownership stake in the company from St. Louis-based management and investment firm Cequel III and St. Louis-based private equity firm Thompson Street Capital Partners. The sale price was not disclosed.
“Acquiring large, regional operators like StayLock Storage is a core part of our rollup strategy to open new markets, to overlay our operational expertise, and to send our dedicated in-house acquisitions team into these new markets to continue to bolt on and invest in smaller, independent self-storage operators”, says Benjamin S. Macfarland III, CEO of SROA Capital.
SROA Capital Fund VIII sees the opportunity to further enhance operations through rebranding the portfolio to Storage Rentals of America and implementing its proprietary technology management, rate revenue, marketing dashboards and execute on an expansion plan to build an additional 500,000 rentable square feet in secondary and tertiary markets, from Battle Creek, Michigan to Bettendorf, Iowa; from Fort Wayne, Indiana, to Panama City, Florida and grow the existing 20,000 storage units, with over 2.8 million rentable square feet of existing storage to nearly 25,000 units.
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“Our investors, managers, and employees did an outstanding job over the last five years, integrating 22 acquisitions, enhancing operations and customer service, and building StayLock Storage into a company of which we could all be very proud,” said former StayLock CEO and Cequel III Vice President Mike Pizzella, Jr.. “The underlying strengths of the self-storage industry combined with the uniquely strong performance of our team made us an attractive acquisition target to a larger, well-respected aggregator of self-storage assets like SROA Capital.”
Jefferies, LLC, served as exclusive financial advisor to Cequel III and Thompson Street on the transaction.
