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Ireland/UK self-storage operator Storebox merges with valet-storage provider Lovespace to form Spectrum Storage Group

Storebox operates two self-storage facilities in Ireland and 14 in the United Kingdom

July 5, 2024: Storebox Self Storage Ltd., which operates self-storage in Ireland and the United Kingdom, and valet-storage provider Lovespace have merged to form Spectrum Storage Group. The partnership aims to create an omnichannel self-storage platform that offers doorstep collection and delivery, drive-up container storage, and indoor self-storage. 

“I'm excited about the opportunities this merger creates. Storage customers need tailored solutions, not a one-size-fits-all approach,” said Lovespace CEO Will Edwards, who will also serve as Spectrum CEO. “With this merger, we are building a diverse group of brands that can meet the full spectrum of storage requirements, serving customers from all walks of life, including students, pensioners, individuals, small businesses and national accounts, and both urban and suburban environments.”

“This is an exciting new chapter for growth. We are focused on expanding both organically and through mergers and acquisitions, driving rapid growth in the industry,” added Carl August Ameln, cofounder of Lovespace and Storebox. He’ll serve as chairman of Spectrum.

The lead investor in the new venture is Oakglen Group, an investment group with interests in real estate, private equity and financial services in Europe, North America and the United Kingdom.

“This merger combines Oakglen’s self-storage investments to create a multi-channel offering with national presence, supported by a high-quality management team and industry-leading technology,” said Nick Crawford, co-CEO of Oakglen. “The creation of Spectrum Storage Group positions us for significant further growth, where we will use our scale, operational capability and technology to consolidate a highly fragmented sector and pursue organic growth across our suite of products. We expect to announce two acquisitions in the coming weeks and expect Spectrum to be a natural buyer of owner-operated self-storage businesses across the U.K. going forward.”

Lovespace offers by-the-box self-storage with collection and delivery services in the United Kingdom. It also provides document storage and packing and shipping services.

Storebox operates two self-storage facilities in Ireland and 14 in the United Kingdom. The company aims to become of the largest operators in the region, according to CEO Surendra Ragunather. “The merger with Lovespace brings valuable expertise in technology and marketing, complementing our operational strengths and extending our product portfolio,” he said.