Iron Mountain Acquires R.I. Firm
Boston-based Iron Mountain, which has operations in Southborough and Northborough, has acquired a Rhode Island records storage firm for about $191 million in cash.
The acquisition of Cornerstone Records Management, which also provides document shredding and data protection services, is the sixth for Iron Mountain within the past year as it continues to add small and mid-sized organizations to its customer base.
“Adding Cornerstone is further example of how we use targeted acquisitions to advance our business strategy,” said William Meaney, president and CEO of Iron Mountain. “Cornerstone is a high-quality business that helps us meet these goals (of selective mergers and acquisitions) by adding a complementary group of small and mid-sized organizations to our customer base.”
Cornertone, based in East Greenwich, R.I., operates throughout the Mid-Atlantic and Northeast, as well as in Southern California, Denver and Houston, according to a statement from Iron Mountain. It manages nearly 11 million cubic feet of hard-copy documents across 36 leased facilities.
Iron Mountain said it expects the acquisition to have a limited impact on its 2013 financial results.
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