Crozier Fine Arts, an Iron Mountain Inc. (NYSE: IRM) company and the nation’s leading art storage and logistics company, said it acquired art storage and handling company Fairfield Fine Arts through an asset purchase agreement.
With the acquisition, Crozier will take on all of Fairfield’s customers and its state-of-the-art 10,000 square foot storage facility in Ridgefield, Conn. Financial terms of the deal were not disclosed.
Located in Fairfield County, Fairfield Fine Arts is a specialized art storage and handling company serving the greater southwestern Connecticut artistic community. A local industry leader in moving and rigging of fine art, Fairfield Fine Arts provides prominent artists, art collectors, art galleries, auction houses, private dealers, and museums with unmatched levels of expertise and service in protecting their fine art assets.
Based in New York, Crozier Fine Arts is a leader in art storage. The company provides services that support the art management lifecycle, from initial purchase to final sale, including secure storage, climate-controlled vaults, viewing areas, consultation, installation and project management services, and international shipping capabilities for art industry professionals and collectors all over the world. Crozier Fine Arts was acquired by Iron Mountain in late 2015.
“This acquisition of Fairfield Fine Arts is a logical step given our shared focus on impeccable service as well as the geographic overlap in parts of Connecticut, New York state and adjoining areas,” said Simon Hornby, president and CEO of Crozier Fine Arts.
“This acquisition gives us a first class storage facility with room to expand in the heart of Fairfield County, where we have an existing client base, plus it brings us a team of professional art handlers that adhere to the same high standards as Crozier,” he added.
The $1 billion fine art storage industry is a growing, but fragmented industry marked by increasing international interest and changes in acquisition and purchasing habits by collectors and museums. The rise and availability of contemporary art as a focus for collectors has caused a spike in storage needs, while the increase in private sales and auction turnover has heightened the need for transportation, shipping, and related services. Taken together, these factors have the fine arts storage industry poised for significant growth.
Iron Mountain Inc. is a global leader for storage and information management services. Trusted by more than 220,000 organizations around the world, Iron Mountain boasts a real estate network of more than 80 million square feet across more than 1,350 facilities in 45 countries dedicated to protecting and preserving what matters most for its customers.
Iron Mountain’s solutions portfolio includes records management, data management, document management, data centers, art storage and logistics, and secure shredding, helping organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information. Iron Mountain stores and protects billions of information assets, including critical business documents, electronic information, medical data and cultural and historical artifacts.
The company was founded in 1951 and is headquartered in Boston, Massachusetts. Iron Mountain has a market capitalization of $9.6 billion.