CANADIAN NEWS
Janus To Go Public Janus International has plans to go public. With an expected proforma enterprise valuation of $1.9 bil- lion, Janus, which was acquired by Clearlake Capital in 2018, will
list on the New York Stock Exchange
(trading under the ticker “JBI”) in a merger with Juni- per Industrial Holdings, a special purpose acquisition company founded by Honeywell veterans. The deal is being financed through $348 million of cash held in Juniper’s trust account and a $250 million PIPE trans- action, with investors including Baron Capital Group and Fidelity as well as Dave Cote, former chairman and CEO of Honeywell. Existing Janus shareholders are expected to own approximately 51 percent of the company at closing, while Juniper founders are expected to own approximately five percent.
StorageVault Acquires Two Sites StorageVault Canada Inc. has agreed to acquire two facilities from two vendor groups for an aggregate purchase price of $29.45 million, subject to custom- ary adjustments. One of the acquisitions is arm’s length, while the other one for $27.75 million is a related party acquisition with Access Self Storage Inc. or its affiliates or associates as the vendor. It is anticipated that the acquisitions will close in the second quarter of 2021. One asset is located in On- tario and the other is in Alberta.
StorageVault Launches New Platform StorageVault Canada Inc. has launched FlexSpace Logistics, an e-commerce platform designed to help small businesses store and manage inventory and handle logistics for last-mile delivery. The portal uses geolocation technology to match customers with the services and storage space they need, con- necting them with shipping services and a third-par- ty logistics (3PL) warehousing network. Users have access to inventory-management software to track their goods and orders. To meet their storage needs, they may be matched with one of StorageVault’s 216 self-storage facilities or a third-party warehouse, de- pending on their location and needs.
SST Acquires Land In Toronto Strategic Storage Trust VI, Inc. (SST), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc., has acquired ap- proximately 2.7 acres of land in the Weston neighbor- hood of Toronto, Ont., in a joint venture partnership with SmartCentres. The land will serve as the de- velopment site for an approximately 1,200-unit, 99,000-net-rentable-square-foot, climate-controlled facility.
June 2021 31
Ontario Site Acquired By SmartStop SmartStop Self Storage REIT, Inc., has acquired a six-story, 1,073-unit, 81,500-square-foot, climate-controlled facility in Oakville, Ont. The property, which was completed in April 2020, was approximately 35 percent occupied at acquisition.
New Business Model For Second Closet Second Closet, a Toronto-based startup specializing in valet self- storage services, has raised $20 million in equity financing that it plans to use to expand its employee base and shift away from consumer- based services to a third-party logistics model. The business-to-busi- ness approach comprises e-commerce and retail fulfillment, including storage and shipping, as well as physical storage for files and business assets. Second Closet had been moving away from its valet storage and delivery model for the last 18 months to focus on fulfillment and last- mile logistics for businesses in Canada. Though the company will use the infrastructure it built after launching in 2017, including nine facili- ties across Ottawa, Montreal, Toronto, and Vancouver, its new focus will involve a name change and new branding. Second Closet stopped accepting new customers under its valet-storage model but will contin- ue serving existing customers. It expected its workforce to be around 600 employees by the end of April.
•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• Got News? Please send all submissions for the news to
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