StorageMart Company Profile

Background

Overview

StorageMart, established in 1999, is a privately-owned, family-operated self-storage company headquartered in Columbia, Missouri. The company offers storage solutions across the United States, Canada, and the United Kingdom, operating over 300 facilities. StorageMart's mission is to provide easy, clean, and friendly service to its customers, emphasizing convenience and quality in the self-storage industry.

Founding and Growth

The company was founded by Gordon Burnam, who had been involved in the self-storage industry since 1974. Prior to StorageMart, Burnam founded Storage Trust Realty, which went public in 1994 and was later acquired by Public Storage in 1999. Following this, Burnam and his family established StorageMart, focusing on expanding their storage solutions across North America and Europe.

Key Strategic Focus

Core Objectives

StorageMart aims to provide accessible and high-quality self-storage solutions to a diverse customer base, including individuals and businesses. The company focuses on expanding its footprint in key markets, enhancing customer experience through technological integration, and maintaining high standards of facility cleanliness and security.

Areas of Specialization

The company specializes in offering a range of storage unit sizes, including climate-controlled options, to accommodate various storage needs. StorageMart also provides moving and packing supplies, catering to both residential and commercial clients.

Key Technologies Utilized

StorageMart leverages a user-friendly website that allows customers to find, compare, and rent storage units online efficiently. The company employs advanced security systems, including video surveillance and controlled access, to ensure the safety of stored items.

Primary Markets Targeted

StorageMart operates in urban and suburban areas across the United States, Canada, and the United Kingdom, targeting markets with high demand for self-storage solutions. The company's strategic acquisitions, such as the purchase of Manhattan Mini Storage in 2021, have strengthened its presence in key metropolitan areas.

Financials and Funding

Funding History

StorageMart has engaged in several financing rounds to support its growth and expansion initiatives. The company has completed three financing rounds, with the latest being a private equity growth investment.

Notable Investors

Investors in StorageMart include Cascade Investment and GIC (Singapore), indicating strong backing from reputable financial entities.

Utilization of Capital

The capital raised has been utilized for strategic acquisitions, such as the purchase of Manhattan Mini Storage in 2021, and for expanding the company's footprint in existing and new markets. Funds have also been allocated to enhance technological infrastructure and improve customer service offerings.

Pipeline Development

Key Developments

StorageMart has focused on expanding its portfolio through strategic acquisitions and the development of new facilities. The acquisition of Manhattan Mini Storage added 17 locations in New York City, significantly increasing the company's presence in the metropolitan area.

Target Conditions

The company targets markets with high population density and demand for self-storage solutions, including urban centers and growing suburban areas.

Timelines for Milestones

StorageMart continues to pursue growth opportunities, with plans to increase its number of facilities and expand into new markets over the next five years. The company anticipates a 33% growth, aiming to reach 300 properties from the current 200, at a cost of several hundred million investment dollars.

Technological Platform and Innovation

Proprietary Technologies

StorageMart utilizes a proprietary website platform that enables customers to easily find, compare, and rent storage units online. This platform is designed to provide a seamless user experience and streamline the rental process.

Significant Scientific Methods

The company employs advanced security measures, including video surveillance and controlled access systems, to ensure the safety and security of stored items. These technologies are integral to maintaining high standards of facility security.

Leadership Team

Cris Burnam – Chief Executive Officer

Cris Burnam has been dedicated to the self-storage industry since 1987. Since the founding of StorageMart in 1999, he has overseen significant growth, including the acquisition of over 60 Canadian properties in 2008 and expansion into the United Kingdom in 2016. Burnam has received numerous awards, such as the Ernst & Young Entrepreneur of the Year and the CEO Award from CEO Today Magazine.

Mike Burnam – President and Chief Investment Officer

With experience in the self-storage industry since 1994, Mike Burnam has been instrumental in the acquisition and disposition of assets totaling over $5 billion. He has successfully operated in the United States, Canada, and the United Kingdom, and was inducted into the Self-Storage Hall of Fame in 2015.

Ryan McKenzie – Chief Financial Officer

Ryan McKenzie joined StorageMart in 2016, bringing experience from roles such as Vice President of Finance at Analytical Bio-Chemistry Laboratories. He holds a B.S. in Business Administration from the University of Missouri.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within StorageMart's leadership team.

Competitor Profile

Market Insights and Dynamics

The self-storage industry has experienced steady growth, driven by factors such as urbanization, downsizing, and the increasing need for storage solutions. The market is characterized by a mix of large publicly traded companies and privately held firms, with competition based on factors like location, facility quality, and customer service.

Competitor Analysis

Key competitors in the self-storage industry include:

Public Storage: A publicly traded REIT operating over 2,600 facilities across the United States and Europe.

Extra Space Storage: Another publicly traded REIT with more than 1,900 facilities nationwide.

CubeSmart: Operates over 1,200 facilities across the United States, focusing on customer service and technological integration.

Life Storage: Manages over 900 facilities in the United States, offering a range of storage solutions.

These competitors have significant market presence and resources, making the self-storage industry highly competitive.

Strategic Collaborations and Partnerships

StorageMart has engaged in strategic collaborations to enhance its market position and service offerings. The acquisition of Manhattan Mini Storage in 2021 expanded the company's footprint in New York City, adding 17 locations and approximately 250,000 clients.

Operational Insights

StorageMart differentiates itself through a commitment to customer service, facility cleanliness, and technological integration. The company's "Store It Forward" program demonstrates a dedication to community engagement, providing free or discounted storage to charitable organizations. Additionally, StorageMart has invested in renewable energy initiatives, installing solar panels on several facilities to reduce environmental impact.

Strategic Opportunities and Future Directions

StorageMart plans to continue its expansion through strategic acquisitions and the development of new facilities. The company aims to increase its number of properties by 33% over the next five years, focusing on markets with high demand for self-storage solutions. Investments in technology and customer service enhancements are also key components of StorageMart's future strategy.