EAST Lothian-based Kangaroo Self Storage has tripled the size of its business and expanded south of the Border with the acquisition of a company in north-west England in a £13 million deal.
Kangaroo, which is based in Haddington and has sites in Dundee, Glasgow and Edinburgh, has acquired sector stablemate Smart Storage, which has sites in Liverpool, Warrington, Widnes, Preston, Bromborough and Altrincham.
Kangaroo said Smart Storage’s portfolio of six self-storage facilities, a mixture of freehold and leasehold assets, provided a maximum lettable area of 240,000 sq ft. The Scottish firm said its enlarged portfolio of nine sites would have a maximum lettable area of 442,000 sq ft. The current lettable capacity is 310,000 sq ft.
The growth plans of Chris Stevens, managing director at Kangaroo, include further geographical expansion, strategic acquisitions and investment in properties and staff.
Mr Stevens said: “I will look to continue our strategy of acquiring complementary businesses and add new stores via organic growth to expand our capabilities.”
The Smart Storage acquisition follows Kangaroo’s expansion into Edinburgh last summer, with the acquisition of a large warehouse at Sighthill Industrial Estate. The latest deal was funded with a mixture of equity and debt. HSBC provided debt funding.
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