I noted in a previous blog post that the self storage industry has witnessed a number of significant changes in recent years. One of the more eyebrow raising consolidations in my industry unfolded over the past month as a private equity fund acquired two of the big actors on the self storage cyber stage.
The acquirer: Cove Hill Partners, a Boston-based private equity firm.
The acquired: Sparefoot, the leading lead aggregator in my industry, and SiteLink, the leading self storage management software provider.
The implications for my industry: Well, that’s what a lot of us are trying to figure out!
I attended a meeting in Atlanta this month with a few dozen of my private middle-market peers. We had the opportunity to hear from the founding partner of Cove Hill, Andrew Balson. And from the founder/presidents of both Sparefoot and Sitelink.
Self storage is set to undergo many changes in 2018 and beyond. Back in 2015, industry revenue was projected to exceed $30 billion. According to these same forecasts, growth would continue at a rate of roughly 3 percent through 2020. This year has seen moderate revenue growth. Current forecasts call for growth of 3 to 5 percent in revenue increase by year’s end.
As our industry outlook remains positive. A series of significant developments in the first quarter of this year will contribute to my industry’s growth. Briefly, here are some trends in self storage:
Artificial intelligence, machine learning, and the like are redefining the landscape for many industries. Self storage is gradually becoming less of a stranger to its benefits.
I’ve been attending the Board of Trustees meeting down on the Bloomington campus these past two days. The Board always covers a lot of territory in two days. Here’s a very brief run down on the role our Trustees play at IU:
The Board of Trustees serves as IU’s governing entity, and as the legal owner and final authority, overseeing the university’s assets and operations. This makes the board a vital part of the university’s overall functionality, but what do the individual responsibilities of trusteeship specifically entail?
Primary obligations and expectations
Trustees are assigned certain powers and responsibilities under Indiana state law. These include:
- The approval of faculty tenure
- The determination of IU’s admission standards
- The investment of university funds
- The setting of tuition and fees
- The determination of the academic curricula.
Indiana University stands as one of the most accomplished and well-rounded academic institutions in the United States. Our flagship Bloomington campus offers over 550 academic programs (including over 200 undergraduate majors) and 200 research facilities. Over 43,000 students attend IU Bloomington, with nearly 3,000 of them taking their endeavors abroad.
Before it become a full-fledged beacon of opportunity, IU Bloomington underwent a history of change, contributing to the IU system’s two centuries of existence. IU is preparing to celebrate its Bicentennial in 2020. With that in mind, here’s s a quick look inside the origins of this great institution we call home:
IU was established by the General Assembly on January 20, 1820, originally as our State Seminary. Construction of the first building began two years later, and following its completion in 1824, the Indiana State Seminary opened its doors to its first class of 10 male students. The institution changed its name to the “Indiana College” in 1828. It would change again, to “Indiana University” in 1838.
IU hit two milestones in 1883, when it awarded its first doctoral degree, and competed in its first intercollegiate sport — a baseball match-up against Asbury University.
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