GLASGOW — DocuVault, one of the East Coast’s largest providers of secure asset management, has acquired the records storage and shred division of Bayshore Moving & Storage for $5.75 million, according to county land records.
The deal includes the Bayshore location at 300 Pencader Drive in the Pencader Corporate Center off Route 896, which includes a records management facility as well as a significant inventory of fine art storage. The 3-acre lot includes an 18,000-square-foot facility and a roughly 27,000-square-foot facility.
Opened in 2002 in West Deptford, N.J., DocuVault focuses on comprehensive archival records storage. Today, it reportedly preserves over 60 million assets for more than 4,000 clients in industries ranging from health care, legal, art, and financial to nonprofit and higher education.
It shares a 500,000-square-foot campus with its sister facility, GenVault, a major secure commercial biorepository for the storage and transport of large collections of biological samples, serving health systems, universities and biopharmaceutical companies.
“We’re excited to expand our capabilities and geographical presence to clients requiring exacting protocols for sensitive or priceless assets, whether they’re documents, vaccines, or a priceless painting,” said Keith DiMarino, CEO of DocuVault and GenVault, in a statement announcing the deal. “When it comes to providing superior customer service, we share with Bayshore a commitment to going beyond the status quo, so for existing clients this transition will be seamless.”
The current client contracts and operations at the Glasgow-area location will remain unchanged, but now with DocuVault’s suite of products and services, including hard-copy document storage, offsite data protection and vault operations, document imaging and scan-on-demand services, and IT asset disposition.
“With DocuVault’s sterling reputation for excellence in all aspects of offsite storage for asset protection and customer interaction, selling the records management side of our business to Keith and his team was the right decision,” said Matt Lamore, vice president of sales at Bayshore, in a statement.
Bayshore, a family-owned and operated moving company known for its orange-and-black trucks, will continue its residential and commercial moving and storage operation, including fine art, from multiple existing warehouse facilities in Delaware, as well as in Manassa, Va., and Melbourne, Fla.
The arrival of DocuVault to Delaware, however, shows the growing strength of the high-value storage market here. In the last few years, Uovo opened a major fine art storage facility in the Pencader Corporate Center as well, while fine wine auction house Acker opened its own vault off Ogletown Road near Newark.
Meanwhile, online auction websites eBay and Goldin’s Collectors have also opened more secretive “vault” locations in Delaware in the last year, where investors can retain high-value trading cards, sports memorabilia and more.
The First State has grown in popularity for the niche market because of its low-tax environment on such assets and sales, as well as the ease of access along the Interstate 95 corridor.
On Wednesday, the state’s public-private economic development agency, the Delaware Prosperity Partnership, hailed the new arrival.
“DPP welcomes DocuVault to Delaware, where the state’s reputation as a location for secure asset management has grown significantly in recent years. We wish the company well as it expands its presence with the acquisition of Bayshore, a Delaware company with roots going back more than 100 years,” it said in a statement.
