Thursday, March 29, 2018

SpareFoot Acquired By Private Equity Firm, Buys SiteLink

Austin-based online self-storage marketplace SpareFoot announced this morning that it has acquired SiteLink--and, in the process, has been majority acquired by private equity investor Cove Hill Partners. Financial details of the transactions were not announced. According to SpareFoot, Cove Hill Partners will acquire a majority stake in both SpareFoot and SiteLink, with SpareFoot CEO and founder Chuck Gordon becoming CEO of the combined company. SiteLink is a developer of a cloud-based software product for the self-storage industry. SpareFoot said it was advised by William Blair in the transaction. A spokesperson for the company said that SpareFoot will remain in Austin, and SiteLink will remain in Raleigh, with a combined workforce of around 185 people, 100 at SpareFoot, and another 85 at SiteLink.