Charlotte firm spends $50 million on business assets from Iron Mountain Inc.

Charlotte-based Summit Park has acquired certain assets from Iron Mountain Inc. for a purchase price of $50 million.

The purchased company will operate under the name Arkive, according to a statement from Summit Park this week. Based in Atlanta, Arkive provides document storage services in Seattle, Atlanta and parts of Canada. The company said it also plans to expand further into related services such as imaging, shredding and electronic file management.

Summit Park, which has its headquarters in midtown Charlotte, is a private investment firm that was founded in 2006 by Bob Calton and Jim Johnson, who remain with the firm. Summit Park invests in a range of industries, from consumer services to light manufacturing.

The Arkive deal is Summit Park’s fourth platform investment in its second fund, Summit Park II.

Attorneys from McGuireWoods’ mergers and acquisitions, antitrust and trade regulation, debt finance, tax, and employment practices advised Summit Park in the transaction.

“We see a tremendous opportunity to organically expand the company’s geographic footprint and service offering while also making accretive add-on acquisitions in order to establish Arkive as a leading North American records management business,” said Matt Magan, a principal at Summit Park.

This story was originally published January 3, 2017 at 3:24 PM with the headline "Charlotte firm spends $50 million on business assets from Iron Mountain Inc.."