EQT Private Equity acquires majority stake in Storable
EQT has reached an agreement to acquire a majority interest in Storable, a software and technology provider serving the self-storage industry.
EQT Private Equity has announced a majority investment in Storable, a Texas-based technology provider offering management software, payment systems, and insurance tools for self-storage operators. Current investor Cove Hill Partners and Storable's existing management team will retain a minority stake in the company.
Storable, which employs approximately 440 people, provides a suite of integrated tools designed to help facility operators improve occupancy and efficiency. The self-storage sector has experienced steady growth in recent years, but remains highly fragmented, creating opportunities for digital transformation.
EQT Partner Arvindh Kumar stated that the firm aims to leverage its global advisory network to scale Storable's product offerings and support commercial operations. Storable CEO Chuck Gordon noted that the partnership intends to expand the company's technology tools to further support clients.
The transaction is scheduled to close in the second quarter of 2021, subject to customary closing conditions and regulatory approvals. Following this deal, EQT IX is estimated to be approximately 30-35 percent invested.