Iron Mountain to Acquire Information Management Operations of Santa Fe Group A/S in Ten Regions, for $30 Million

Iron Mountain Incorporated reached an agreement in principle to acquire the information management operations of Santa Fe Group A/S, firm in international mobility and relocation, in 10 regions in both Europe and Asia for approximately €27 million (approximately $30.2 million).

Pursuant to a non-binding memorandum of understanding between the parties, Iron Mountain will acquire Santa Fe’s information management operations in Spain, India, Hong Kong, Macau, Indonesia, the Philippines, Singapore, Malaysia, South Korea and Taiwan.

As part of the agreement, Iron Mountain will acquire one facility in Indonesia and assume the leases for 20 facilities in the other locations, comprising more than 2.8 million cubic feet of records and 185,000 backup tapes, and serving over 1,500 customers.

The transaction is expected to close later this year.

“Our purchase of Santa Fe’s records management operations in these 10 regions supports our strategy to grow our business in emerging and international markets through acquisition,” said Marc Duale, president international, Iron Mountain. “When looking to expand our presence in these locations, we look to acquire or invest in established local companies that share our belief that security and trust are the foundation of excellent service for our customers. We look forward to continuing that high standard for Santa Fe’s customers while also helping us to continue to grow in the European and Asian markets to support our international operations.”

Established in 1980, Santa Fe has grown to become a global mobility services company with operations in six continents providing global, regional or local solutions, including commercial services for office moving, records management, furniture,fixtures and equipment, and specialty art and other special project shipping and exhibition services. The company’s records management offerings include records storage, data protection, document imaging and digital solutions, and secure media and document destruction solutions.

“When complete, this transaction also marks our entry into four new emerging markets – Indonesia, Macau, the Philippines and South Korea – providing a solid foundation for further expansion in these geographies. Additionally, records management outsourcing in emerging markets is in the early stage, which supports attractive, long-term internal growth as well as our goal to generate 20% of Iron Mountain’s total revenue from emerging markets by the end of 2020,” Duale added.