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December 21, 1997updated 03 Sep 2016 7:11pm

IRON MOUNTAIN BUYS RECORDS MANAGEMENT COMPANIES

By CBR Staff Writer

Records management operation, Iron Mountain Inc is paying a total of $7m to buy record management outfits Bekins Records Management and Midwest Records Management, both from Omaha, Nebraska. The acquisitions relate only to the companies’ record management operations, and not the moving and storage operations. Boston, Massachusetts-based Iron Mountain will also buy the companies’ buildings, valued at around $2m. Midwest Records Management is a division of I-Go Van and Storage, while Bekins is part of Bekins Van and Storage Inc. The transactions are expected to be finalized early in the new year, and Iron Mountain anticipates the companies will produce a combined revenue of over $3m this year. Iron Mountain was established in 1951, and reported revenues up 32.8% at $138.7m in 1996. Iron Mountain’s shares hit a year high in October at $39.75, and were trading at $35 last week.

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