SpareFoot, the largest online marketplace for storage, recently announced it has acquired self storage payment processing provider, Select Merchant Solutions (SMS). Backed by Cove Hill Partners, a private equity firm, this acquisition will allow the Sparefoot family of companies to leverage its technology expertise to deliver a more efficient, intuitive, and seamless payment experience for both storage operators and consumers.
As part of this acquisition, SMS CEO, Ron Park, and his team will be staying on to ensure that customer experience remains unchanged for SMS customers. Chuck Gordon will remain the CEO of the combined family of companies.
This move will enhance the existing SiteLink and storEDGE payment processing business by including more merchant services expertise into the organization to drive ongoing innovation.
“This is yet another example of how our team is expanding both the breadth and depth of our platform to offer the best solutions possible to storage industry customers. By bringing on Select Merchant Solutions’ portfolio of self storage customers, we will unlock new value for all of our payment processing customers.”
-Chuck Gordon, CEO, SpareFoot
“Chuck and his team have taken a technology-first approach that has enabled them to deliver a truly seamless payments experience,” said Park. “By combining our self storage customer portfolios, we’re ensuring more storage operators can benefit from the SiteLink, storEDGE, and SpareFoot family of companies’ payment innovations both now and into the future.”
Andrew Balson, managing partner of Cove Hill Partners, said the combined companies will be able to deliver a better payment experience for both operators and tenants and is a great example of how SpareFoot is moving the industry forward.
Cove Hill Partners manages a long-duration fund with over $1 billion of commitments from its investors and founders. It looks to build a concentrated portfolio of five to eight high quality companies in the consumer and technology industries.
