Pierce Leahy Corporation evolved from Pierce Business Archives and was founded by Leo W. Pierce, Sr. in 1969 to provide outsourced records storage services for customers. The business initially operated out of the family’s garage but grew revenue organically over the next 20 years to $20 million annually by expanding its service offering in the north-east region of the United States. After becoming President of Pierce Business Archives in 1984, J. Peter Pierce orchestrated Pierce Business Archives’ acquisition of Leahy Business Archives in 1990, making Pierce Leahy a national records and information management company with annual revenue of $40 million.
Peter then led the company's successful initial public offering on the New York Stock Exchange on July 1, 1997. As owner operators during the 7 years between 1992 and 1999, Pierce Leahy acquired and integrated more than 65 records and information management companies, both domestic and international. As a result of rapid internal and acquisition growth, Pierce Leahy expanded to nearly 250 facilities in 76 markets throughout the United States, Canada, Latin America and Europe.
In February 2000, Pierce Leahy and Iron Mountain merged to create the world's largest records and information management company. At the time of the merger Pierce Leahy had an enterprise value of $1.2 billion, 3,500 employees and approximately $400 million of annual revenue. Following the merger Peter became President of Iron Mountain and a member of the Iron Mountain Board of Directors.