Iron Mountain Corporation to acquire Crozier Fine Arts
This week, we announce that Iron Mountain Incorporated (NYSE: IRM) intends to acquire Crozier Fine Arts, with the deal anticipated to complete by December 1, 2015. Please see below a letter to clients from our founder, Bob Crozier, discussing the acquisition and what to expect from Crozier going forward.
Dear Crozier Clients:
I want you to let know about an important event in the life of Crozier Fine Arts.
This week we will publically announce Iron Mountain’s intent to acquire Crozier Fine Arts. Iron Mountain is the industry leader in storage and information management, and for over 60 years has been assisting customers with storing, protecting and managing their information.
Please allow me to share a little background with you: We are leaders in the fine art storage market, but to maintain this position we must keep investing in new buildings and fund continued growth in the shipping division. So for the last year I have been seeking an outside investor as it became obvious to me that the business requires the strongest financial resources to take it the next level.
Quite simply, Iron Mountain’s interest made the most compelling sense to me. They understand the business of owning and developing buildings for secure storage and the safe handling of customer’s property. Their core business is records management, which has many of the same challenges we face; security, long-term preservation, and inventory management. Iron Mountain already has some similar skills as they store valuable property such as priceless photographs, original music recordings, and historical documents. Their geographic scope is significant with operations in 36 countries on five continents, and I have been genuinely impressed with all of the Iron Mountain management team I have met.
With the global scale and resources of Iron Mountain, I believe we can become a world leader in fine art storage and logistics. With our shared expertise in storage and Crozier’s fine art industry knowledge, we can start to consolidate a fragmented industry and look to dramatically grow our size in the next few years. This will provide greater opportunities for Crozier employees and offer an expanded service-offering for our clients.
The day-to-day life at Crozier will not change. Crozier Fine Arts will simply have a different owner after the deal closes, which is anticipated to be December 1, 2015. Crozier will operate as a standalone subsidiary of Iron Mountain. Just as importantly nothing changes for our clients.
I will remain active with the company but with a new title of Vice Chairman. Simon Hornby, who many of you know and who has been with me for the last six years, will be running the business as President and he will be reporting to Iron Mountain management.
On behalf of the entire Crozier team, I would like to thank you for your continued business. We will continue to strive to provide the highest standard of care and service for the art entrusted to us.
Please join us in looking forward to an exciting future.
Read Iron Mountain Corporation’s press release about the acquisition here: http://www.ironmountain.com/Company/Company-News/News-Categories/Press-Releases/2015/October/13.aspx