This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Iron Mountain Acquires Cornerstone Records Management

Iron Mountain® Incorporated (NYSE: IRM) has acquired Cornerstone Records Management, growing its core information storage business by adding complementary small and mid-sized organizations to its customer base.

The storage and information management firm purchased Cornerstone for approximately $191 million in cash, subject to certain purchase price adjustments.

Cornerstone Records Management provides predominately records storage, along with document shredding and data protection services, to small and mid-sized organizations. The company operates throughout the Mid-Atlantic and Northeast regions of the country as well as in Southern California, Denver and Houston. Altogether, Cornerstone stores and manages nearly 11 million cubic feet of hardcopy documents across 36 leased facilities.

“Acquiring Cornerstone is further example of how we use targeted acquisitions to advance our business strategy,” said William Meaney, president and chief executive officer of Iron Mountain. “In our mature markets like the U.S., selective M&A is one way we seek to expand our market presence, grow rental revenues from our storage business and sustain the durability of our strong cash flows. Cornerstone is a high-quality business that helps us meet these goals by adding a complementary group of small and mid-sized organizations to our customer base.”

Iron Mountain expects limited impact on 2013 results and annualized revenue of $50 to $55 million in 2014 with approximately $20 million in Adjusted OIBDA. Additional Adjusted OIBDA benefits are expected to be realized over time as real estate synergies are achieved. The company will provide additional details on the contribution from recent acquisitions and capital requirements when it provides preliminary 2014 guidance with the reporting of its third quarter results on Oct. 31.

“We welcome the customers of Cornerstone and look forward to serving them,” said Harold Ebbighausen, president of Iron Mountain, North America. “For us, that means not only securing their records, but providing them insights and best practices on how they can manage information with less cost and risk. That’s when we become true business partners.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.69 -0.59%
FB $119.49 1.40%
GOOG $711.11 1.40%
TSLA $214.84 1.60%
YHOO $37.23 0.79%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs