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Kekst CNC represents Public Storage as it acquires National Storage Affiliates, which uses Joele Frank for media work, to create the world’s largest self-storage owner & operator.
The all-stock transaction has an enterprise value of about $10.5B.
Public Storage CEO Tom Boyle said the transaction “will enable us to strategically and accretively expand our platform with assets that are highly complementary with our portfolio, deepen our significant market presence, and enhance our long-term per share growth profile.”
He sees an opportunity “to create significant value for shareholders over the near and long term as our industry emerges from the bottom of the self storage operating cycle.”
David Cramer, who heads National Storage Affiliates, views Public Storage as “the ideal strategic fit for our company given their best-in-class brand, operating platform, and future growth profile.”
The addition of his company will expand Public Storage’s exposure to markets that are poised for strong long-term growth based on demographic trends, including the Sun Belt region.
Kekst CNC Nick Capuano and Mark Fallati handle media for Public Storage.
Joele Frank, Wilkinson Brimmer Katcher’s Andrew Siegel and Mahmoud Siddig represent National Storage Affiliates.
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