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COLUMBIA, Mo., Oct. 13, 2020 /PRNewswire/ -- StorageMart, the largest privately owned self storage company in the world, today announced that GIC, along with Cascade Investment, L.L.C. and other investors joined majority owner E. Stanley Kroenke and the Burnam Family as partners in the business. Together, StorageMart's partners are committed to helping the company achieve strategic scale and expand operations.
The transaction values StorageMart at an enterprise value of approximately USD $2.7 billion.
The company's day-to-day management will continue to be led by Cris Burnam serving as Chief Executive Officer, Mike Burnam as President and Chief Investment Officer, and Ryan McKenzie as Chief Financial Officer.
StorageMart, founded by the Burnam Family, owns and operates stores located throughout the United States, Canada, and the United Kingdom. The company is a vertically integrated platform that owns, operates, and develops self storage properties throughout the world. StorageMart is an industry pioneer in creating operating strategies that enhance facility performance and profitability.
Cris Burnam, Chief Executive Officer of StorageMart, said, "Mr. Kroenke's leadership and support has allowed the company to achieve remarkable success. The self-storage sector is rapidly evolving, and companies that can deploy technology, enhanced operations, and a truly memorable customer experience are going to outperform. To do this, scale is a fundamental requirement. By combining the forces of Mr. Kroenke and our new partners GIC and Cascade Investment, StorageMart will be in an unrivaled position to achieve its growth strategies in both current and new markets."
Citigroup served as exclusive financial advisor to StorageMart. Kirkland & Ellis LLP served as legal counsel to StorageMart, Torys LLP served as legal counsel to GIC, Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to Cascade, and Baker & McKenzie LLP served as legal counsel to E. Stanley Kroenke.
GIC is a leading global investment firm established in 1981 to manage Singapore's foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. In private equity, GIC invests through funds as well as directly in companies, partnering with its fund managers and management teams to help world class businesses achieve their objectives. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg or follow us on LinkedIn.
Cascade Investment, L.L.C. is a private investment entity. The sole member of Cascade is William H. Gates III.
For more information, please contact: StorageMart Sarah Little Managing Director, Digital Marketing 573.449.0091 Sarah.email@example.com