The big news in the records storage industry was the purchase of Cornerstone Records Management. The Elkridge, Maryland document storage business was purchased by Iron Mountain. Cornerstone had locations around the United States that provided records storage, document shredding, and tape rotation services. The transaction was valued at approximately $191 in cash pending any price adjustments.
The sale is not unexpected. Cornerstone Records Management was owned by Sterling Partners, a private equity group based out of Chicago. The company had expanded from the Mid-Atlantic to offices in the Northeast, Southern California, Denver, and Houston. The business model for equity groups in records information management is to bundle several companies together to get a regional or national presence. The company is then sold to one of the larger companies including Iron Mountain.
Choose a Worthy Records Storage Company
When choosing a records management company you expect them to take care of your documents for their entire retention period. This is normally at least several years. If you are looking at that time horizon you will want to evaluate the stability of the ownership. If your records are in storage and then the company is acquired it has the opportunity to change your relationship with your provider. Make sure you have options to get your documents without penalty if they change ownership. The new owners may be great but you always want the freedom to make the decision.
Get Free Quotes on Record Storage Services Near You!
Offsite record storage is a great solution if you have stacks of paperwork that take up space but that you still want to hold on to. Record Nations has locations across the nation to accommodate you, and we value your security and convenience above all else. Call us today at (866) 385-3706 or fill out the form on the right for free quotes on your records storage project.