Seneca Partners has sold its interest in North West based Smart Storage to a trade buyer, Kangaroo Self Storage, in a £13 million transaction.
Seneca originally backed Mike Wilson, the Smart Storage MD, in an MBO during May 2014 and subsequently financed the growth of the business by expanding the original facilities and developing new green field sites, increasing the portfolio to six stores over 240,000 sq ft.
Tim Murphy of Seneca commented: “Mike has built a strong team and business and we are delighted to have supported them through the development and growth of Smart Storage. Backing strong teams and supporting them with funding to grow their business is at the core of what we do here at Seneca. The 6x return that has been achieved for our investors speaks for itself”.
Mike Wilson commented: “Over the years, with the support of Seneca, we have built an exemplary team at Smart Storage and we are confident it will continue to flourish under the ownership of Kangaroo Self Storage, and we wish them continued success”.
Seneca and Mike Wilson were advised by Richard Robinson at Napthens and Ollie Saunders at JLL.