Sovran to Retire Uncle Bob’s Brand After $1.3 Billion Purchaseby
Acquisition adds 84 Class A properties to company holdings
Name and ticker changes are expected to occur in mid-August
The company will rebrand the 563 facilities it operates as Uncle Bob’s Self Storage to Life Storage, it said Monday in a statement. The expected cost of the new name and logo, primarily related to signs at the self-storage facilities and a fleet of rental trucks, will be about $22 million, the company said.
Sovran is funding the purchase through the sale of $600 million of 10-year notes and proceeds from a stock sale, it said in a separate statement. The deal adds 84 Class A, or top-tier, properties to Sovran’s portfolio. The company is also expanding into two new markets with the acquisition, Las Vegas and Sacramento, California.
Sovran also plans to change its New York Stock Exchange ticker symbol to LSI from SSS. The changes should occur in mid-August, the company said.