Storagevault closes acquisition of five stores

Executive Summary

• Storagevault Canada Inc. has completed the acquisition of five self-storage assets from four vendor groups for an aggregate purchase price of $62.5 million.
• The transaction includes both arm's length acquisitions and related party acquisitions totaling $42.4 million with Access Self Storage Inc. and its affiliates.
• Consideration for the deal consisted of $2 million in common shares (issued to Access), funds on hand, promissory notes, and mortgage financing.

Key Details

• Total Purchase Price: $62.5 million (subject to customary adjustments).
• Assets Acquired: Five storage locations.
• Vendor Breakdown:
  • Three arm's length acquisitions.
  • Two related party acquisitions totaling $42.4 million, with vendors being Access Self Storage Inc. and its affiliates.
• Consideration Structure:
  • Equity: $2 million in Storagevault common shares issued to Access Self Storage Inc.
  • Other: Funds on hand, promissory notes, and mortgage financing.
• Share Issuance Details:
  • Shares Issued: 340,716 common shares.
  • Price Per Share: $5.87.
  • Hold Period: Expires on July 26, 2026.
• Ownership Impact (Access Self Storage Inc.):
  • Pre-Transaction Ownership: 138,013,107 shares (37.8% of issued and outstanding).
  • Post-Transaction Ownership: 138,353,823 shares (approximately 37.8% of issued and outstanding).
  • New Shares Issued: Represent 0.09% of total issued and outstanding common shares.
• Regulatory Exemptions:
  • Relied on exemptions from formal valuation and minority approval requirements under Multilateral Instrument 61-101 (MI 61-101).
  • Exemptions cited: Section 5.5(a) and Section 5.7(1)(a) (fair market value not more than 25% of market capitalization).
• Future Transactions: The balance of the transactions originally announced on Dec. 18, 2025, are expected to close in Q2 2026.

Notable Quotes

• None provided in the text.