AUSTIN, Texas - December, 2020
Storable, the self storage industry’s leading technology provider, today announced that global investment organization EQT has joined Cove Hill Partners and the Storable management team as an investment partner in the Storable business. The investment made by EQT’s Private Equity division, moves them into the lead investor position where they will support Storable’s continued growth and innovation.
EQT would buy a majority stake in Storable, which sources say is valued at roughly $2 billion including debt. Meanwhile Cove Hill Partners will retain a minority stake in the self storage company.
EQT brings highly-sophisticated technology, business optimization, and digital transformation expertise -- all at a global level -- which will be critical as Storable moves into its next stage of growth. Through this new partnership, Storable will tap into EQT’s in-house resources, digital expertise and vast global advisory network as the Storable team continues to pursue the objective of raising the bar for product innovation and customer experience in the self-storage technology space.
As part of this move, Storable CEO, Chuck Gordon and his management team will remain in place to continue leading all business operations. Additionally, there will be no changes to operations within the Storable family of companies as a result of this partnership.
“The entire Storable team is excited to partner with EQT to continue doing what we do best – helping our self storage owners run better businesses with technology,” said Gordon. “EQT’s expertise will enable us to further enhance our existing products and launch new technology tools to help our storage clients increase their bottom line. Our clients should expect the same high standards of innovation, data privacy, and support going forward.”
Arvindh Kumar, Partner at EQT Partners, said: “EQT is thrilled to invest in Storable. The company is a true industry leader, offering best-in-class software solutions. We look forward to providing global expertise and resources to Storable, as they continue to innovate and grow in partnership with their customers.”
William Blair acted as exclusive financial advisor to Storable on the transaction. The transaction is expected to close in 2021, subject to customary conditions and approvals. For more information contact firstname.lastname@example.org.
Headquartered in Austin, Texas, Storable offers the self-storage industry’s most comprehensive suite of technology products known as the Storable Platform. The Storable Platform delivers management software, marketing websites, tenant insurance, payments, and the industry’s largest storage marketplace all in one integrated solution, designed to help storage operators increase efficiency, enhance occupancy, and improve profitability. The Storable family of companies includes SiteLink, storEDGE, Easy Storage Solutions, SpareFoot, Select Merchant Solutions, Storsmart, and Bader Insurance. Storable is backed by EQT and Cove Hill Partners and led by Co-Founder & CEO, Chuck Gordon. More info: www.storable.com
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.