LAACO Is Said to Explore Storage West Sale as Self-Storage Booms ($LAACZ)

From Bloomberg (h/t @Catahoula_Value)
LAACO Ltd., owner of the Los Angeles Athletic Club and the California Yacht Club, is exploring a sale of Storage West, its division that acquires, develops and manages self-storage facilities, according to people with knowledge of the matter.

Los Angeles-based LAACO, which has shares that trade over the counter, is working with an adviser to solicit interest in Storage West from potential suitors, said the people, who asked not to be identified discussion private information. A targeted valuation couldn’t immediately be learned.

A spokesman for LAACO declined to comment. Storage West directed inquiries to its parent company.

Storage West, founded in 1978, operates almost 60 facilities in California, Nevada, Arizona and Texas. It posted “impressive year-over-year growth” and recorded occupancy of 92%, according to LAACO’s 2020 annual report, written by Karen Hathaway, the company’s president and managing partner.
Nate posted about LAACO way back in April 2014 when shares were trading for around $1,100. Shares are up 2.4x since then plus it paid $712 in dividends along the way.

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