Iron Mountain Acquires Arcus Group

Iron Mountain (Boston) has acquired Arcus Group, an IT staffing and facilities management services firm, for approximately $160 million. The deal includes $63 million of Iron Mountain common stock, with the rest in cash and the assumption of debt. Approximately 1.4 million shares of Iron Mountain stock are involved in the equity portion of the transaction; with the option to acquire 600,000 shares. Arcus Group's two operating units, Data Security and Staffing Resources, combined for total revenues of $69 million for the first three quarters of 1997. Clarke Bailey, former CEO of Arcus' parent company, has joined Iron Mountain's board of directors. Arcus is the nation's largest provider of off-site data security services, according to Iron Mountain.