Altrincham business Smart Storage has been bought by a Scottish competitor in a £13m deal.
The acquisition will triple the size of Kangaroo Self Storage and extend its footprint into England.
Smart Storage has a portfolio of six self-storage facilities across the country including a flagship store on Craven Road in Altrincham, which expanded to over 45,000 sq ft last year after a £3m investment.
The combined portfolio will see Kangaroo operate nine stores with a maximum lettable area of 442,000 sq ft.
Mike Wilson, the outgoing CEO of Smart Storage, said: “Over the years, we built an exemplary team at Smart Storage and we are confident that it will continue to flourish, guided by Chris Stevens’ visionary leadership.”
Stevens (pictured above), MD at Kangaroo, will become the CEO of the enlarged group.
He said: “I have spent some time now at Smart Storage’s stores and this has allowed me to get to know and listen to staff and customers alike. I’ve discovered passion and expertise in a loyal and hardworking workforce.”
This transaction was funded by a blend of debt and equity, with the senior debt provided by HSBC.