![]() Two big storage space companies have announced plans to merge, creating the largest self-storage enterprise in the U.S. The Extra Space Storage company of Cottonwood Heights, Utah, says it is in the process of buying the Life Storage company, which is based in Williamsville, New York, for around $12.7 billion. That acquisition will result in a combined nearly 3,500 storage facilities across the country. In a statement, Joe Margolis, chief executive officer of Extra Space, said he was impressed with Life Storage’s expanding portfolio of recent years, “creating a highly diversified portfolio of quality storage assets in strong growth markets.” Joseph Saffire, chief executive officer of Life Storage, remarked of the historic acquisition: “We expect to accelerate growth while manufacturing our customer-centric focus and commitment to continued innovation.” The transaction is expected to become official by early summer. Launched in 1977, Extra Space Storage today has locations in 41 states. Life Storage began in 1982, with facilities in 37 states. The joining of the two storage companies comes as an industry report published by the market data company Mordor Intelligence is reporting that the self-storage market is expected to reach a healthy compound annual growth rate of 5.7% in the next several years. By Garry Boulard
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