StorageVault Canada Inc. acquired 2051428 Ontario Inc., aka B&B Mini Storage, in Cambridge, Ontario, Canada, for $2,367,500. After customary closing adjustments, the purchase price was comprised of an initial cash deposit of $50,000, a final cash payment of $813,088, and bank-debt financing of $1,495,000.
The 188-unit facility sits on 4.76 acres, 2.32 of which is excess land currently used for outdoor vehicle storage. StorageVault intends to grow the business through the development of a PUPS portable-storage franchise, which will be operational by September.
StorageVault owns and operates Canadian PUPS portable storage in Saskatoon, Trans Can Mini-Stor in Regina, and Kenaston Self Storage in Winnipeg. The Regina and Winnipeg sites are traditional self-storage facilities operating in conjunction with portable-storage franchises. The company intends to grow through the acquisition of self-storage properties and the development of portable-storage facilities in Canada. Its common shares are listed on the TSX Venture Exchange.