StoreLocal Corp., a co-op of private self-storage operators in Canada and the United States, is offering membership stocks to storage-facility owners and industry vendors. The Owner Shares must be purchased by members to participate in profit/patronage dividends, according to the company website.
Shares are bracketed into eight tiers based on the number of storage facilities in an owner's portfolio. For example, an owner with up to three stores can purchase three shares for $3,000. The offering scales up to operators with 101-500 locations, who can buy 100 shares for $100,000.
The Owner Shares are a one-time purchase and refundable if a member leaves the co-op. A one-year commitment to paying membership dues is also required to participate as a shareholder, according to the company website.
In addition, the co-op’s board of directors has approved the offering of a limited-rights share of stock to industry vendors for a short time. Participating vendors must “meet the board’s expectations and demonstrate measurable benefit for the co-op,” according to the release. Vendor shares will be issued at the discretion of the board, officials said.
StoreLocal leverages the combined strength of its membership for services such as customer acquisition, financing, marketing and technology. The co-op acquired online self-storage directories StorageFront.com and SelfStorageHounds.com in January.
