US-based PE firm to pay $53m for Australian bookkeeping assets
A consortium led by US private equity firm Housatonic Partners will acquire a majority stake in the Australian records management unit of New York-listed business services provider Iron Mountain for $A70 million ($53 million).
According to a statement, Housatonic will buy all of Iron Mountain's Australian assets except its digital data management businesses and its various records management services in the country's Northern Territory. Iron Mountain is making the divestment to satisfy regulatory conditions related to the company's recent acquisition of Recall, a Sydney and New York-listed information management services company. The transaction is expected to close early next month.
Iron Mountain's records and information management services include physical document disposal, storage, indexing and imaging as well as research and workflow efficiency support. It operates climate controlled vaults across Australia for long-term record protection.
Founded in 1994, Housatonic focuses on small to mid-sized companies in business services, tech-enabled services and healthcare. Equity commitments typically range from $10-30 million in buyout or recapitalization transactions. The firm claims to have more than $1 billion in capital under management.
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