Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, announced today the sale of its ownership stake in StayLock Storage to SROA Capital Fund VIII. StayLock Storage was a multi-state provider of self-storage services, offering a range of options that included standard units and climate-controlled units. Terms of the transaction were not disclosed. Jefferies advised the Company.
In 2016, in partnership with Cequel III, TSCP combined five companies into one portfolio company under the StayLock Storage® brand name to offer expanded customer service capabilities in a wider geographic area. Since that time, TSCP supported the Company’s growth which included 22 acquisitions, encompassing more than 20,000 storage units with over 2.8 million square feet of storage space.
“Our investors, managers and employees did an outstanding job over the past five years, integrating acquisitions, enhancing operations and customer service, and building StayLock into a company of which we could all be very proud,” said former StayLock CEO and Cequel III Vice President Mike Pizzella, Jr. “The underlying strengths of the self-storage industry combined with the uniquely strong performance of our team made us an attractive acquisition target to a larger, well-respected aggregator of self-storage assets like SROA Capital.”
Brandon Muirhead, Director at TSCP, said, “We are very proud to have partnered with StayLock for so many years and helped facilitate the tremendous growth and development of the Company. The management team at StayLock continuously worked to improve the systems, processes, customer service capabilities and care for facilities that led to this great outcome.”
