Overseas investment decision for case 200520096 - IM New Zealand Holdings ULC

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant is a subsidiary of Iron Mountain Incorporated (Iron Mountain), a company incorporated in the United States of America and listed on the New York Stock Exchange. Iron Mountain is an international full service provider of records and information management services and other related services. Iron Mountain operates in the United States of America, Canada, Europe, and Latin America. The Applicant proposes to acquire 100 percent of Sirva (New Zealand) Limited, which trades as Pickfords Records Management. The acquisition represents an opportunity for Iron Mountain to expand into New Zealand as part of a proposed expansion into the Asia/Pacific region.

The proposal is likely to result in the following benefits:

1. the creation of new employment opportunities;
2. the introduction of additional investment for development purposes;
3. enhanced domestic services and increased efficiencies in the records management industry.