Storebox and LOVESPACE merge, form Spectrum Storage Group

Posted by Modern Storage Media on Jul 2, 2024 3:24:58 PM

The merger between Storebox and LOVESPACE has resulted in the creation of Spectrum Storage Group in the United Kingdom, with satellite operations in the Republic of Ireland and the United States. By combining the properties, land, and technological capabilities of both companies, this merger creates what the company describes as the UK’s "largest omnichannel self-storage business."

LOVESPACE is known for collecting belongings from homes or businesses, storing them in their facilities, and delivering them back to any UK address when needed, while Storebox follows a more traditional self-storage model, offering short-term and long-term self storage and drive-up container storage. The merger means that Spectrum Storage Group can now offer all these services under one banner.

Below are quotes from top executives involved in the merger.

“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. 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 UK going forwards.”

Nick Crawford, Co-CEO of Oakglen, a private equity and financial services firm that assists portfolio companies in domestic and international expansion and the lead investor in Spectrum Storage Group

“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.”

Carl August Ameln, Chairman of Spectrum Storage Group and Co-founder of LOVESPACE and Storebox.

“In the last 18 months, we’ve expanded from 13 to 16 sites, and we have ambitious plans to become one of the five largest operators. The merger with LOVESPACE brings valuable expertise in technology and marketing, complementing our operational strengths and extending our product portfolio.”

Surendra Ragunather, CEO of Bolton-based Storebox

“I am excited about the opportunities this merger creates. Storage customers need tailored solutions, not a one-size-fits-all approach. 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.”

Will Edwards, Group CEO of Spectrum Storage Group (former CEO of London-based LOVESPACE)

As MSM previously reported, the United Kingdom's £1B storage industry is booming, fueled by a national housing and rental crisis, ongoing urbanization, and the growth of e-commerce and SMEs (small-to-medium-sized enterprises). Read more in our story below and hear from Rennie Schafer, Chief Executive Officer at SSA UK and FEDESSA.