StorageVault Acquires Self-Storage, Portable-Storage Facilities in Ontario

StorageVault Canada Inc. has acquired two self-storage facilities and a portable-storage business in Ontario. The properties were purchased in three separate transactions for an aggregate $5.65 million. StorageVault now owns 28 locations in the Ontario market, according to a press release.

“The purchase of the portable-storage business allows StorageVault to enter into a different segment of the portable-storage market, which services mainly the construction industry,” the release stated.

The company has long offered PUPS-branded mobile-storage options. In 2015, as part of StorageVault’s agreement to acquire all the rights and assets of Cubeit Portable Storage Canada Inc. and nine storage facilities operated by affiliate Access Self Storage Inc., it required Access and Cubeit to purchase “all of the issued and outstanding shares in the capital of Canadian PUPS Franchises Inc.,” which is the master franchisor of the PUPS business.

The latest acquisitions were paid for with cash and through mortgage assumption.

StorageVault operates 152 self-storage facilities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan. It’s portfolio of owned properties comprises 94 facilities.

Source:
Globe Newswire, StorageVault Acquires $5.7 Million of Storage Assets