UK Storage Limited | Davidson Kempner / Pithos Capital
finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of UK Storage Company Ltd to an investor syndicate consisting of funds advised by Davidson Kempner Capital Management LP (“Davidson Kempner”) and Pithos Capital, a European self-storage operator (the “Syndicate”). Founded in 2005, UK Storage Company Ltd is the UK’s largest independent self-storage provider, with a portfolio of 28 well-invested sites. The business holds a strong position across the UK’s highly resilient self-storage sector, characterised by repeat revenues and excellent growth dynamics. Its real estate portfolio includes both leasehold and freehold properties that consist of 11,000 storage units, translating to around 900,000 square foot of built rentable space. The sale completed on 9 June 2023.
Originally focused in the South West of England, the business has expanded its geographic presence through a carefully considered site selection process, with facilities spanning from Redruth to Leeds and employs approximately 40 staff. The sale provides an attractive opportunity for the Syndicate to invest in and grow the platform across the UK over the coming years.
UK Storage Company Ltd was equally owned by Keith Taylor and Cathy Taylor, who together have developed it into the largest independent operator in the UK.
The lead adviser on the sale was Peter Gray, Partner and Nehal Patel, Director from finnCap Cavendish.
Peter Gray and Nehal Patel at finnCap Cavendish, commented:
“We are very proud to have advised on this deal, further cementing finnCap Cavendish’s expertise in the business services’ space. This transaction is particularly significant given the Company’s scale in the UK, history of strong financial performance and as well as its huge growth potential.”
“We are pleased that the deal continues to enhance the reputation and credibility of finnCap Cavendish, whilst building on its strengths and increasing the firm’s visibility in the self-storage market. Congratulations to Keith, Cathy and all involved on a successful deal.”
“We are delighted to have found a perfect match to drive the growth of the Company we founded in 2005. After a rigorous sale process, we have no doubt that Davidson Kempner/Pithos Capital will continue to develop the Company as the UK’s largest independent self-storage provider and we look forward to following its progress.”
The finnCap Cavendish team, led by Nehal Patel, did a fantastic job, running a truly competitive process and managing the transaction with great skill. They were instrumental in delivering this deal and the successful outcome.”
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