Iron Mountain is a great business. They are a really defensive company and generate a pretty good return on invested capital (~15%). Their revenues mostly come

Iron Mountain is a great business. They are a really defensive company and generate a pretty good return on invested capital (~15%). Their revenues mostly come from recurring monthly payments for storage fees based on volume, marketing, etc. They actually got their start back in 1951 with an underground facility in Hudson, NY and are now in 39 different countries with 1,000+ facilities. They control something like 5% of the global market for information protection/storage and actually led consolidation in the industry. The other neat thing is that they have some good tailwinds in place. While there is a lot of talk about moving to paperless offices, electronic communications are actually promoting more printing - especially by old school groups like lawyers, doctors. On top of that, because of regulatory issues and the costs associated with reviewing and destroying physical documents, the volume actually increases. As a result, you actually see their customers' physical volumes growing faster than their rate of removal/destruction.