Co-Founder Chuck James Named President and Chief Operating Officer
Leading Remote-Managed Operator in Self Storage Positioned For Strong Sustained Growth
DENVER, September 05, 2023--(BUSINESS WIRE)--SpareBox Storage, the leading remote-managed operator in the self-storage industry, today appointed industry veteran, Kate Matheny as Chief Executive Officer. Matheny was previously Chief Financial and Chief Investment Officer of the Company. SpareBox also named co-founder Chuck James as President and Chief Operating Officer. The company has 108 stores, representing 7.4 million square feet in nine states across 21 fast-growing markets. The Company is a joint venture between investment funds advised by Davidson Kempner Capital Management LP and Rizk Ventures.
SpareBox is differentiated in the marketplace by a proprietary technology platform specifically developed for contactless rentals and 24/7 customer service availability – solving one of the most important and intractable problems facing operators today. The Company’s unique remote-managed operations improve both customer satisfaction and operational performance and efficiency.
Matheny and James have a long track record of successfully building value in the self-storage industry. James was Chief Executive Officer and Matheny was chief financial officer of an operator of self-storage properties with a 200-store portfolio in the Midwest and Southeast. Together, Matheny and James pioneered the use of automated storage operations.
"I’m excited to assume the role of CEO at SpareBox, working closely with Chuck and the rest of our talented team to deliver value for our customers in the markets we serve," said Matheny. "Our strategy remains the same: to invest in well-managed self-storage businesses in high-growth markets across the country, capitalizing on the secular and demographic trends fueling the demand for storage. Equally exciting is the prospect of leveraging our proprietary technology platform to serve the dual purpose of driving operational efficiencies and facilitating ease of use for our customers. The future is extremely bright for SpareBox as we seek to not only continue our roll-up strategy of self-storage facilities but our soon to be released software platform for self-storage operators around the country."
"I’ve had the fortunate opportunity to work closely with Kate – as well as our entire management team – for a long time and she is a world-class operator and leader with a dedicated track record of delivering success for a wide array of stakeholders," said James. "Since we founded SpareBox in 2020, our properties have outperformed our expectations, which is a testament to our strong underwriting practices, our experienced team and the integration of our proprietary technology platform. The self-storage business remains one of the leading segments of the broader real estate industry and we look forward to continuing to capitalize on opportunities across the sector."
SpareBox’s 108-store portfolio is comprised of stores in fast growing markets across nine states: Texas, Michigan, Ohio, Arkansas, Oklahoma, New Hampshire, South Carolina, Florida and Georgia. SpareBox leverages a proprietary platform for contactless rentals, remote task management and 24/7 access.
"Kate and Chuck are recognized leaders in the self-storage industry and we look forward to the future of the Company under their leadership," said Tom Rizk, chairman and founder of Rizk Ventures. "We believe in the dual growth strategy of consolidating high growth and underserved markets, and developing a best-in-class technology offering that will be rolled out across the broader industry. It’s an exciting time for SpareBox."
Founded in August 2020, SpareBox Storage is a joint venture between investment funds advised by Davidson Kempner Capital Management LP and Rizk Ventures, and led by industry veterans Steve Treadwell, Chuck James, and Kate Matheny. SpareBox owns 108 properties in 21 markets across nine states, comprised of approximately 7.4 million square feet.
Davidson Kempner Capital Management LP
Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has more than $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.
Founded in 2013 by industry veteran Thomas A. Rizk, Rizk Ventures invests in and operates high-growth businesses that leverage transformative, proprietary technology across a number of large industry verticals. Rooted in a commitment to solve important marketplace problems by empowering exceptional entrepreneurs, the firm harnesses its experience as founders, investors, and business leaders to drive success by providing hands-on strategic engagement, growth capital, business process optimization, and infrastructure support.
Rizk Ventures owns and operates Workspace Property Trust, the leading commercial office and light industrial platform in the suburban US market with 19 million square feet and over 200 locations serving the Fortune 1000 and smaller entrepreneurs; SpareBox Storage, an operator of cutting edge technology-enabled self-storage facilities operating regionally with 7.4 million square feet; RVH Solutions, a leading artificial intelligence business helping hospitals improve performance; Counter Forced Labor, empowering corporations and businesses to mitigate forced labor in their supply chains by providing AI-powered, data driven technology products and Rig Hut, a technology company operating a network of truck parking and outdoor storage space solutions that help truck drivers and storage owners operate efficiently and profitably.
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