October 7, 2009
ROCKLEIGH, NJ - Tiburon Lockers, Inc. a New Jersey based rental locker company has announced the acquisition of the coin operations and assets of Best lockers LLC with operations based in Beltsville, MD.
The transaction was a cash transaction, with the purchase price not being disclosed.
The assets include over 50,000 coin lockers as well as contracts for over 350 locations throughout the United States.
Best Lockers was established over 30 years ago. The prior owner of Best held it for approximately four years.
"We are very excited about this transaction. We believe this transaction will serve as a means of providing Tiburon Lockers with the necessary infrastructure for our forthcoming release of our new electronic locker system. The system is as sophisticated as it gets, however even with all the automated technology, service is always the backbone. This transaction gives us the needed platform to service our electronic model. At the end of the day, this is a service business and critical mass is needed to respond to the needs of our broad customer base. The opportunity of the coin business offers great upside. The deal was on the table due to Best's financial condition and we feel we were in the right place at the right time" said Jared Lowenthal CEO & President of Tiburon Lockers. "The deal originally started out more as an injection of the capital, and an investment in their own electronic technology. However, we declined our option to participate in their electronic offering and felt that the upside for us is in the core business. We feel more confident in our own technology than what we have seen of theirs. We hired an engineering team (with over 50 years of access control experience) to develop our own technology that will change the perception of what is possible with electronic lockers. We are excited about being able to offer both the technology and the service that has been lacking in the rental locker industry.