Business
Less Mess Storage Inc. Announces Filing of Business Acquisition Report
Vancouver, BC / ACCESSWIRE / July 10, 2014 / Less Mess Storage Inc. ("Less Mess" or the "Com...
About this update from Latin Metals Inc
[{"type":"text","content":"Less Mess Storage Inc. Announces Filing of Business Acquisition ReportVancouver, BC / ACCESSWIRE / July 10, 2014 / Less Mess Storage Inc. (\"Less Mess\" or the \"Company\") (TSX-V: LMS) is pleased to announce that it has today filed a Form 52-102F5 - Business Acquisition Report (\"BAR\") respecting its purchase of a mature portfolio of self-storage businesses in Poland and the Czech Republic, which closed on April 28, 2014. The businesses acquired include freehold interests in two self-storage facilities in Warsaw, freehold interests in two self-storage facilities in Prague, and one additional leasehold interest in Prague. All five stores are centrally located storage facilities, close to the respective city centers, and built on multiple levels. The Company purchased these businesses with the understanding that revenues would exceed $4M CDN for 2013 and that they were cash flow positive. The BAR confirms that these understandings remain accurate.The BAR's principal content is the audited combined financial statements of the five companies acquired for 12 months ending December 31, 2012 and 2013, and the auditor reviewed statements for 3 months ending March 31, 2013 and 2014. Effectively, the BAR provides audited or reviewed financials for the acquired self-storage business up until very shortly before the acquisition took place. The BAR itself is available on SEDAR (www.sedar.com).Specific highlights from the combined financial statements of the acquired entities include:- Total sales in 2013 were $4,176,901, representing a growth of 7.4% over 2012.- Operating profit in 2013 was $807,426, representing a growth of 6.9% over 2012.- Pro-forma EBITDA in 2013, eliminating former parent company costs, was $2,013,944. Guy Pinsent, President and CEO of Less Mess, commented:\"We are delighted that the Business Acquisition Report shows that numbers for the acquired businesses are all as expected. This acquisition launched Less Mess as the largest self-storage owner and operator in Poland and the Czech Republic, two markets which we see as having huge growth potential given current near zero penetration rates. The region has a robust macroeconomic outlook, with Poland in particular, Europe's highest growth economy over the past decade, forecast to continue on her strong growth path, averaging over 3% a year. In buying this established por...