Iron Mountain Inc. has signed an agreement with Mentmore plc to acquire Mentmore's 49.9 percent equity interest in Iron Mountain Europe Limited. IME is the European joint venture established in 1999 by Iron Mountain and Mentmore to pursue records management opportunities in Europe. The European operation has more than 15,000 customer accounts throughout Europe. The transaction is expected to close in February.
Nicholas Smith, chairman of Mentmore, commented, "We have had a very productive partnership with Iron Mountain and believe the prospects for IME to be sound. However, given our recent strategic review of Mentmore's current circumstances and the availability of robust investment opportunities for us in the public personal storage industry, we felt it best for Mentmore's shareholders to realize the value from our investment in IME at this time."
Richard Reese, Chairman and CEO of Iron Mountain, stated, "Iron Mountain is fortunate to have entered the European records management market with Mentmore as our partner. They have been great partners over the past five years and together we have built a tremendous business. We wish everyone at Mentmore well in their new strategic endeavors and thank them for their contribution to the success of IME." Mr. Reese continued, "This deal comes at a time when the future is very bright for IME. We look forward to taking full advantage of the attractive growth opportunities before us in the European market."