Iron Mountain Acquires Cornerstone Records Management For About $191 Mln In Cash

(RTTNews) - Iron Mountain Inc. (IRM) said Friday that it has acquired Cornerstone Records Management for about $191 million in cash, subject to certain purchase price adjustments.

Cornerstone Records Management provides predominately records storage, along with document shredding and data protection services, to small and mid-sized organizations. The company operates throughout the Mid-Atlantic and Northeast regions of the country as well as in Southern California, Denver and Houston. Altogether, Cornerstone stores and manages nearly 11 million cubic feet of hardcopy documents across 36 leased facilities.

Iron Mountain expects limited impact on 2013 results and annualized revenue of $50 to $55 million in 2014 with approximately $20 million in Adjusted OIBDA. Additional Adjusted OIBDA benefits are expected to be realized over time as real estate synergies are achieved.

The company said it will provide additional details on the contribution from recent acquisitions and capital requirements when it provides preliminary 2014 guidance with the reporting of its third quarter results on October 31.