West Palm Beach, FL, Aug. 05, 2021 (GLOBE NEWSWIRE) -- SROA Capital Fund VIII announced today that they have closed the purchase of 100% ownership stake in the company from St. Louis-based management and investment firm Cequel III and St. Louis-based private equity firm Thompson Street Capital Partners. The sale price was not disclosed.
“Acquiring large, regional operators like StayLock Storage is a core part of our rollup strategy to open new markets, to overlay our operational expertise, and to send our dedicated in-house acquisitions team into these new markets to continue to bolt on and invest in smaller, independent self-storage operators”, says Benjamin S. Macfarland III, CEO of SROA Capital.
SROA Capital Fund VIII sees the opportunity to further enhance operations through rebranding the portfolio to Storage Rentals of America and implementing its proprietary technology management, rate revenue, marketing dashboards and execute on an expansion plan to build an additional 500,000 rentable square feet in secondary and tertiary markets, from Battle Creek, Michigan to Bettendorf, Iowa; from Fort Wayne, Indiana, to Panama City, Florida and grow the existing 20,000 storage units, with over 2.8 million rentable square feet of existing storage to nearly 25,000 units.
“Our investors, managers, and employees did an outstanding job over the last five years, integrating 22 acquisitions, enhancing operations and customer service, and building StayLock Storage into a company of which we could all be very proud,” said former StayLock CEO and Cequel III Vice President Mike Pizzella, Jr.. “The underlying strengths of the self-storage industry combined with the uniquely strong performance of our team made us an attractive acquisition target to a larger, well-respected aggregator of self-storage assets like SROA Capital.”
Jefferies, LLC, served as exclusive financial advisor to Cequel III and Thompson Street on the transaction.
ABOUT SROA Capital, LLC
SROA Capital, LLC is a vertically integrated real estate investment and technology company focused on investing in self-storage properties nationwide. SROA owns and operates over 11 million rentable square feet under the brand Storage Rentals of America. For more information, please visit www.sroacapital.com. Contact email@example.com
About Cequel III
Founded in 2002, Cequel III is an investment and management firm based in St. Louis, Missouri. With over $40 billion in successful transactions, the Cequel III team has a proven track record of building industry-leading companies through operational excellence and a focus on superior customer service.
Thompson Street Capital Partners
Thompson Street Capital Partners is a St. Louis-based private equity firm that is focused on investing in founder-led middle market businesses. Since 2000, Thompson Street has invested in more than 100 companies, partnering with these businesses to accelerate growth and create value for founders, management teams, and investors. Thompson Street has managed $2.7 billion in equity across its funds.
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CONTACT: Media Company: SROA Capital, LLC Media Name: SROA Capital - Media Media Phone: 5614121303 Media Email: firstname.lastname@example.org Media URL: https://sroacapital.co