By Karen Roman
Etude Storage Partners LLC has made a proposal to acquire Global Self Storage, Inc. (Nasdaq: SELF) for $6.15 per share in cash, representing a total deal value of almost $70 million, sources familiar with the matter told PE Edge.
The purchase price of $6.15 represents a 47% premium to Monday’s closing price of $4.17 and a 45% premium to the company’s 30-day volume weighted average price of $4.24. Over the past year, SELF’s stock price has fallen approximately 18%.
There is no financing condition and Etude will fund the purchase entirely from its available equity capital.
Etude has made two previous offers to acquire SELF since the beginning of 2024, which have come at progressively higher price points. The SELF Board has not engaged with Etude around these offers and they have been rejected, sources told PE Edge.
To achieve a deal faster, Etude is calling for the Board to enter into a confidentiality agreement and begin negotiations. If the Board does not engage in negotiations, Etude could take its case directly to stockholders.
Etude Storage Partners was launched at the beginning of 2024 as a joint venture between Steven Stein’s Etude Capital, one of the largest owners of self-storage facilities in the United States, and San Felipe Financing LLC, a private real estate entity controlled by Richard D. Kinder.
The joint venture has a $250 million equity commitment from San Felipe Financing LLC and seeks to deploy at least $500 million, the sources stated. Etude also owns more than 1.8 million square feet of self-storage and insures over 1,700 facilities nationwide.
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