LONDON, 11 December 2015: Metric Capital Partners LLP (“MCP” or “Metric”) the European private capital group, announced its investment in Less Mess Storage Inc. (“Less Mess” or the “Company”), the leading operator of self-storage facilities in Central and Eastern Europe (“CEE”), headquartered in Warsaw.
Less Mess, which is currently listed on the TSX Venture Exchange (TSX-V), owns and operates the largest self-storage chain in the CEE region, with a portfolio of five stores, two in Warsaw and three in Prague offering over 180,000 square feet of net lettable area. The majority of the square footage is freehold property owned by Less Mess.
Metric has partnered with Guy Pinsent, the current CEO of Less Mess, and Lord Magan of Castletown to acquire the entire share capital of the Company. Following the transaction, Less Mess will be delisted from the TSX-V. Metric has committed follow on capital to support future expansion of the Company. The Company plans to add additional stores and rentable space in Poland and the Czech Republic and to continue the strong momentum and growth achieved in recent years.
Commenting on the transaction, Alastair Balfour, Senior Principal of MCP, said: “We are pleased to be partnering with Guy and Lord Magan to support the Company’s strategic objectives in the next stage of its development. Less Mess is the market leader in CEE, benefits from attractive cash flow dynamics due to low break-even occupancy rates, and boasts a well-invested property estate”.
Guy Pinsent, CEO of Less Mess added: “We are very pleased to be partnering with Metric Capital Partners. This transaction marks the culmination of an 18 month process to optimise the Company’s capital structure and operations. Following the Metric Capital investment the Company is well positioned to take advantage of the growth opportunities in the region due to the favourable demographics for self-storage”.
John Sinik, Managing Partner of MCP, further commented: “Less Mess represents Metric’s first investment in CEE, and is consistent with our investment philosophy of providing bespoke capital solutions to strong businesses. The Metric investment benefits from robust downside protection from the property portfolio as well as the stability of the Company’s business model, while also participating in uncapped upside potential from a successful execution of the roll-out of new properties. We are also incredibly excited by the prospect of working with such a competent and dedicated management team on the further development of the Company”.
Following the transaction Metric will hold majority control of Less Mess, with John Sink and Alastair Balfour of Metric joining the Board of Directors of the Company.
MCP is an independent private capital group which invests in European small and medium-sized firms by providing debt and equity solutions to support the execution of strategic transactions including MBOs, MBIs, growth/development capital, refinancing and rescue financing.
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For further information please consult:
John Sinik, Managing Partner, Metric Capital Partners – Tel: +44 (0) 203 540 1550
Alastair Balfour, Senior Principal, Metric Capital Partners – Tel: +44 (0) 203 540 1550