By Dominic Chopping

STOCKHOLM--Swedish private-equity firm EQT AB said late Wednesday that it has bought a majority stake in Storable, a U.S. provider of software and technology to the self-storage industry.

Under terms of the deal, EQT Private Equity has made a majority investment while Cove Hill Partners and management will retain a minority stake in the company.

Austin, Texas-based Storable provides software, payments, insurance, and marketplace solutions to the self-storage industry in the U.S. and employs 440 employees.

The transaction is expected to close in the second quarter of 2021, subject to conditions and approvals.

Financial details weren't disclosed.

With this transaction, EQT IX is expected to be 30%-35% invested based on its target fund size 14.75 billion euros ($18 billion).

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

12-17-20 0223ET