Decision number200520096
Application number200520124
Date8 December 2005
Offeror/applicantIM New Zealand Holdings ULC
Ultimate applicant beneficial ownership100 percent - United States of America, Iron Mountain Incorporated
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed100 percent
Offeree(s)/seller(s)Sirva (Australia) Pty Limited
100 percent - United States of America, Sirva, Inc.
Business activitiesTransport & Storage - Storage
Details of land involved0.9879 hectares of leasehold situated at 10-12 Autumn Place, Penrose, Auckland being CT NA65C/10 (North Auckland Registry).
Regions involvedAuckland
Total consideration$28,750,000
Consent SoughtTo acquire up to 100 percent of the securities of Sirva (New Zealand) Limited.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant is a subsidiary of Iron Mountain Incorporated (Iron Mountain), a company incorporated in the United States of America and listed on the New York Stock Exchange. Iron Mountain is an international full service provider of records and information management services and other related services. Iron Mountain operates in the United States of America, Canada, Europe, and Latin America. The Applicant proposes to acquire 100 percent of Sirva (New Zealand) Limited, which trades as Pickfords Records Management. The acquisition represents an opportunity for Iron Mountain to expand into New Zealand as part of a proposed expansion into the Asia/Pacific region.

The proposal is likely to result in the following benefits:

  1. the creation of new employment opportunities;
  2. the introduction of additional investment for development purposes;
  3. enhanced domestic services and increased efficiencies in the records management industry.
ContactDavid Gilbert/Michael Ussher
Minter Ellison Rudd Watts
PO Box 3798
Auckland