Iron Mountain to Acquire Regency Technologies
02 Noviembre 2023 - 4:45AM
Business Wire
-Expanding Iron Mountain’s global asset
lifecycle management platform by incorporating eight new United
States locations
-Extending Iron Mountain’s IT Asset Remarketing
and Recycling Capabilities
Iron Mountain (NYSE: IRM), a global leader in information
management, innovative storage, data center infrastructure, and
asset lifecycle management today announced it has entered into a
definitive agreement to acquire Regency Technologies, a leading
provider of IT asset disposition (ITAD) services in the United
States. Building on Iron Mountain's extensive logistics network,
which already provides customers with leading information security
in IT Asset Lifecycle Management (ALM), the combined platform will
establish a market-leading distributed footprint for the
remarketing and recycling of IT assets. This will result in
enhanced environmental sustainability and increased value recovery
at the end of the IT asset lifecycle.
Regency Technologies currently processes over 50,000 metric tons
of material annually, reselling more than 2,000,000 units across
eight locations spanning the United States. Regency adheres to the
environmental protocols of e-Stewards, RIOS, NAID as well as ISO
14001 across its footprint. For more than two decades, Regency has
led the way in innovation, technology, and sustainability. Numerous
Fortune 500 corporations, government agencies, defense contractors,
and educational institutions consider Regency to be their preferred
ALM partner.
In 2019, 53.6 million metric tons of e-waste were generated and
only 17% was recycled. With the volume of e-waste continuing to
rise, increased IT asset disposition practices across the globe are
crucial for mitigating the environmental and data security risks
associated with the disposal of electronic equipment.
“This strategic transaction represents a significant milestone
in our efforts to strengthen Iron Mountain’s presence in the Asset
Lifecycle Management sector and our sustainability offerings, and
will propel our enterprise growth forward,” said Mark Kidd, EVP
& Global General Manager, Asset Lifecycle Management & Data
Centers. “Regency seamlessly complements our expanding ALM
business, bolstering it with robust remarketing and recycling
capabilities to better serve the world’s largest and most
innovative companies and help them achieve their environmental and
data security goals.”
“We are excited to add Regency’s extensive experience of over 20
years, during which we’ve successfully served enterprises,
government entities and retailers, to Iron Mountain’s already
impressive customer portfolio, which includes 95% of the Fortune
1000,” said Jim Levine, CEO of Regency Technologies. “By
integrating our presence, remarketing expertise, and recycling
operations into Iron Mountain’s ALM business, we’ll be uniting a
broad array of capabilities, further solidifying our leadership in
the market.”
Transaction Details
Regency Technologies has trailing four quarter revenues in
excess of $100 million. The initial purchase price is $200 million,
with $125 million to be paid at close and the remainder due in
2025, which represents an approximate 7.5x multiple of EBITDA. The
acquisition also features a potential performance-based earn-out,
which would be payable in 2027, if earned. The transaction is
subject to customary closing conditions.
Advisors
Weil, Gotshal & Manges LLP is serving as legal counsel to
Iron Mountain.
Lazard and Metronome Partners are serving as financial advisors,
BakerHostetler and Sonkin Koberna are serving as legal counsel, and
BMF is serving as tax advisor to Regency Technologies.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a global leader in
information management, innovative storage, data center
infrastructure, and asset lifecycle management. Founded in 1951 and
trusted by more than 225,000 customers worldwide, Iron Mountain
serves to protect and elevate the power of our customers’ work.
Through a range of services including digital transformation, data
centers, secure records storage, information management, asset
lifecycle management, secure destruction, and art storage and
logistics, Iron Mountain helps businesses bring light to their dark
data, enabling customers to unlock value and intelligence from
their stored digital and physical assets at speed and with
security, while helping them meet their environmental goals.
To learn more about Iron Mountain, please visit:
www.IronMountain.com and follow @IronMountain on X (formerly
Twitter) and LinkedIn.
About Regency Technologies
Regency Technologies partners with Fortune 500 companies,
government organizations, and other clients to process their
end-of-use IT assets. The company uses innovative processes and
equipment to maximize monetary value, extend the useful life of
devices, and support the environmental sustainability goals of its
clients.
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version on businesswire.com: https://www.businesswire.com/news/home/20231102738390/en/
Investor Relations: Gillian Tiltman SVP, Head of Investor
Relations Gillian.Tiltman@ironmountain.com (617) 286-4881
Erika Crabtree Manager, Investor Relations
Erika.Crabtree@ironmountain.com (617) 535-2845
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