Iron Mountain Completes Acquisition of Regency Technologies
10 Gennaio 2024 - 2:30PM
Business Wire
Iron Mountain (NYSE: IRM), a global leader in information
management, innovative storage, data center infrastructure, and
asset lifecycle management today announced it has completed its
acquisition of Regency Technologies, a leading provider of IT asset
disposition (ITAD) services in the United States. Building on Iron
Mountain's extensive logistics network, which already provides
customers with leading information security in IT Asset Lifecycle
Management (ALM), the combined platform establishes a market leader
in IT asset disposition customer solutions. This will result in
enhanced environmental sustainability and increased value recovery
at the end of the IT asset lifecycle.
Mark Kidd, EVP & General Manager, Asset Lifecycle
Management & Data Centers, said: “The completion of this
acquisition is a defining moment in Iron Mountain's growth story.
This is a strategic move that will propel us to the next frontier
in Asset Lifecycle Management. The synergy between our two
organizations will result in a wider network that provides our
clients with faster services while significantly reducing
environmental impact. We are thrilled to welcome everyone at
Regency to the Iron Mountain team. Together, we are poised to
redefine excellence in IT asset lifecycle management and
disposition, offering a more comprehensive, secure, and efficient
solution to our valued clients.”
Jim Levine, CEO of Regency Technologies, said: “This
acquisition represents a pivotal step in our journey, reshaping the
landscape of IT asset disposition and management. We are excited to
embark on this new chapter, leveraging the combined scale and
expertise of both organizations to deliver unparalleled value to
our clients. We remain dedicated to innovation, sustainability, and
customer-centricity as we forge ahead in the dynamic world of IT
asset management.”
Transaction Details
Regency Technologies has trailing four quarter revenues in
excess of $100 million. The initial purchase price is $200 million,
with $125 million to be paid at close and the remainder due in
2025, which represents an approximate 7.5x multiple of EBITDA. The
acquisition also features a potential performance-based earn-out,
which would be payable in 2027, if earned.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a global leader in
information management, innovative storage, data center
infrastructure, and asset lifecycle management. Founded in 1951 and
trusted by more than 225,000 customers worldwide, Iron Mountain
serves to protect and elevate the power of our customers’ work.
Through a range of services including digital transformation, data
centers, secure records storage, information management, asset
lifecycle management, secure destruction, and art storage and
logistics, Iron Mountain helps businesses bring light to their dark
data, enabling customers to unlock value and intelligence from
their stored digital and physical assets at speed and with
security, while helping them meet their environmental goals.
To learn more about Iron Mountain, please visit:
www.IronMountain.com and follow @IronMountain on X (formerly
Twitter) and LinkedIn.
About Regency Technologies
Regency Technologies partners with Fortune 500 companies,
government organizations, and other clients to process their
end-of-use IT assets. The company uses innovative processes and
equipment to maximize monetary value, extend the useful life of
devices, and support the environmental sustainability goals of its
clients.
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version on businesswire.com: https://www.businesswire.com/news/home/20240110068695/en/
Investor Relations: Gillian Tiltman SVP, Head of Investor
Relations Gillian.Tiltman@ironmountain.com +1 (617) 286-4881
Erika Crabtree Manager, Investor Relations
Erika.Crabtree@ironmountain.com +1 (617) 535-2845
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