ArchivesOne Acquires Ohio Records Company

Republican-American
Saturday, September 30, 2000
By Joe Coombs

WATERTOWN - ArchivesOne, a records management and storage company, announced Friday its acquisition of an Ohio-based records management firm.

The purchase of National Archival Services adds 20 employees and 225 customers to ArchivesOne's portfolio. The transaction represents about a 26 percent increase for ArchivesOne, in terms of employment base and physical plant.

The Columbus, Ohio, headquarters of National Archival will add 100,000 square feet of warehouse space to ArchivesOne's holdings. Exact terms of the deal were not disclosed, but ArchivesOne obtained $1.7 million in equity financing from Housatonic Partners, a Boston-based venture capital firm, and FARM Capital Services, to complete the deal. Waterbury-based American Bank of Connecticut also provided debt financing. "This is a wonderful cultural match," said John Pavlovich, ArchivesOne's chief financial officer. "National Archival Services has a great group of people, all of which will be retained, and a super customer service attitude that meshes well with the ArchivesOne culture."

ArchivesOne was formed in 1991 by founder and current president A.J. Wasserstein. With this purchase, the firm now handles 1,300 customers that include medical offices, insurance agencies, law firms and other businesses.

Joyce Healy-Abrams, a shareholder at National Archival, will become a director on ArchivesOne's board and will step into the new position of senior vice president of corporate development.

The National Archival purchase is ArchivesOne's third acquisition this year. In February, ArchivesOne bought New Jersey-based Clover Records Management, and in April purchased Document Storage & Management, a company in Port Washington, N.Y.