Storable Acquisition: Key Details, Impact, and What Comes Next

EQT's acquisition of a majority stake in Storable marks a significant move in the self-storage industry. Valued at around $2 billion, this partnership aims to leverage EQT's expertise in technology and digital transformation to enhance Storable's offerings. The deal underscores the growing importance of digital solutions in a fragmented and expanding market, setting the stage for future growth and innovation.

What Is Storable?

Founded in 2018, Storable provides comprehensive technology solutions for self-storage facility owners and operators. Its core products include facility management software, access control, collections, CRM, insurance solutions, and marketplace services. Storable's unique selling points are its fully integrated, end-to-end platform, flexibility and scalability, and a service-forward approach. Additionally, it offers tools for remote management and an extensive library of resources, making it a trusted partner for over 33,000 facilities.

Who Acquired Storable?

EQT Group is a global investment organization known for its thematic investment approach and commitment to sustainability. The company focuses on Private Capital, Real Assets, and Private Wealth, investing in sectors like healthcare, technology, and industrial technology. With over 300 portfolio companies worldwide, EQT leverages deep local knowledge and global sector expertise to drive long-term value creation. Its influence is evident in shaping industry futures and topping equity capital market transactions.

When Was Storable Acquired?

EQT announced its acquisition of Storable on December 21, 2020. This strategic move comes at a time when the self-storage industry is experiencing robust growth and significant digital transformation. By leveraging EQT's expertise in technology and business optimization, Storable aims to enhance its offerings and drive international expansion, positioning itself as a global leader in self-storage technology.

Why Was Storable Acquired?

• Market Expansion: The acquisition will enable Storable to leverage EQT’s global expertise for international growth. EQT’s support will help Storable scale through product innovation and commercial excellence, focusing on sustainability and expanding into new markets.
• Technology Integration: Storable offers an end-to-end integrated suite of technology solutions, including management software, access control, and payment processing. EQT’s investment aims to further enhance these offerings, leveraging their expertise in technology and digital transformation to optimize Storable’s products and services.
• Competitive Advantage: The partnership with EQT will allow Storable to maintain its leadership position in the self-storage technology market. Storable’s comprehensive suite of services, including facility-management software, online marketplaces, and tenant insurance, positions it strongly against competitors, providing significant value to its clients and enhancing their operational efficiency and profitability.

Acquisition Terms

• Acquisition Price: The acquisition price is approximately $2 billion.
• Payment Method: The payment method was not publicly disclosed.
• Key Conditions or Agreements:
  • The transaction is expected to close by June 30, 2021, subject to customary conditions and approvals.
  • Cove Hill Partners and management will retain a minority stake in Storable.
  • The Storable management team, including CEO Chuck Gordon, will remain in place.
  • No operational changes are expected within the family of companies.

Impact on Storable

The acquisition of Storable by EQT has brought about several notable changes. Operationally, the management team, including CEO Chuck Gordon, remains intact, ensuring continuity in leadership. This stability is crucial as Storable integrates EQT's expertise in technology and digital transformation. The refreshed brand identity, featuring a modernized look and unified product names, signifies a strategic shift in marketing and customer engagement. These changes aim to enhance Storable's market presence while maintaining its core values and operational efficiency.

Product offerings and services are set to benefit significantly from the acquisition. With EQT's backing, Storable plans to innovate and expand its technology suite, including facility management software, access control, and payment processing. This investment will likely lead to the introduction of new tools and enhancements to existing products, ensuring clients receive cutting-edge solutions. Employee reactions have been positive, with leadership expressing enthusiasm about the partnership's potential. While direct customer reactions are not detailed, the anticipated improvements in service and innovation suggest a favorable outlook. For founders considering business transitions, tools like Sunset can assist in managing these processes compliantly and efficiently.