Purchase expands service footprint to include southern New England
region, adding storage space and expertise in serving high-value clients
NEW YORK--(BUSINESS WIRE)--
Crozier
Fine Arts, an Iron
Mountain Incorporated (NYSE: IRM) company and the nation’s leading
art storage and logistics company, today announced the acquisition of
art storage and handling company Fairfield Fine Arts through an asset
purchase agreement. With the acquisition, Crozier will take on all of
Fairfield’s customers and its state-of-the-art 10,000 square foot
storage facility in Ridgefield, Conn. Financial terms of the deal were
not disclosed.
Located in Fairfield County, Fairfield Fine Arts is a specialized art
storage and handling company serving the greater southwestern
Connecticut artistic community. A local industry leader in moving and
rigging of fine art, Fairfield Fine Arts provides prominent artists, art
collectors, art galleries, auction houses, private dealers, and museums
with unmatched levels of expertise and service in protecting their fine
art assets. Their Fairfield County facility exceeds all fine art
standards, making it an approved and recommended storage facility by
insurance companies worldwide.
“This acquisition of Fairfield Fine Arts is a logical step given our
shared focus on impeccable service as well as the geographic overlap in
parts of Connecticut, New York state and adjoining areas,” said Simon
Hornby, president and CEO of Crozier Fine Arts. “This acquisition gives
us a first class storage facility with room to expand in the heart of
Fairfield County, where we have an existing client base, plus it brings
us a team of professional art handlers that adhere to the same high
standards as Crozier. We look forward to welcoming Fairfield’s customers
into the Crozier family and delivering them the same high levels of
service they have come to expect.”
The $1 billion (US) fine art storage industry is a growing, but
fragmented industry marked by increasing international interest and
changes in acquisition and purchasing habits by collectors and museums.
The rise (and availability) of contemporary art as a focus for
collectors has caused a spike in storage needs, while the increase in
private sales and auction “turnover” – the rate at which collections and
individual pieces are made available for auction – has heightened the
need for transportation, shipping, and related services. Taken together,
these factors have the fine arts storage industry poised for significant
growth.
Crozier Fine Arts was acquired by Iron Mountain in late 2015, furthering
Iron Mountain’s strategy to acquire adjacent businesses consistent with
the company’s core storage business and delivering on its brand promise
position as the trusted guardian of its customer’s most precious assets.
About Crozier Fine Arts
Based in New York, Crozier Fine Arts
is a leader in art storage and an industry advocate for worldwide
standards. An Iron
Mountain Incorporated (NYSE: IRM), the company provides services
that support the art management lifecycle, from initial purchase to
final sale, including secure storage, climate-controlled vaults, viewing
areas, consultation, installation and project management services, and
international shipping capabilities for art industry professionals and
collectors all over the world. For more information, visit www.crozierarts.com.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM)
is the global leader for storage and information management services.
Trusted by more than 220,000 organizations around the world, Iron
Mountain boasts a real estate network of more than 80 million square
feet across more than 1,350 facilities in 45 countries dedicated to
protecting and preserving what matters most for its customers. Iron
Mountain’s solutions portfolio includes records
management, data
management, document
management, data
centers, art
storage and logistics, and secure
shredding, helping organizations to lower storage costs, comply with
regulations, recover from disaster, and better use their information.
Founded in 1951, Iron Mountain stores and protects billions of
information assets, including critical business documents, electronic
information, medical data and cultural and historical artifacts. Visit www.ironmountain.com
for more information.
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Source: Iron Mountain