Iron Mountain Hit With Lawsuit Over Storage Business Clutter (1)

Two private equity funds are suing Iron Mountain Inc. over its buyout of Clutter Holdings Inc., a storage and moving business with an alleged $1.25 billion valuation that the business logistics company acquired for $15 million.

The Glean Capital LLC affiliates filed the lawsuit in Delaware’s Chancery Court, where they’re also targeting several Clutter senior leaders and an Eastward Capital Partners LLC fund that allegedly foreclosed on its debt and sold the business to Iron Mountain for “a fraction of its value” through a transaction “cloaked in secrecy.”

“The Clutter board failed to act reasonably to protect the company and ...