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Montagu acquires Oasis from Housatonic and Sverica

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Montagu Private Equity has acquired a majority stake in Irish records and information management (RIM) company Offsite Archive Storage and Integrated Services (Oasis) from Housatonic Partners and Sverica Capital Management.

The deal brings to an end an eight-year holding period for the vendors.

Under its new ownership model, Oasis will continue with its existing acquisitive international expansion strategy.

The business has made 29 bolt-on acquisitions since it was founded 18 years ago and has expanded into the UK, Netherlands and Belgium under the vendors' tenure. Most recently, it acquired the RIM division of Dutch parent Hulshoff Opslag earlier this month.

According to recent reports by unquote" sister publication Debtwire, Oasis generated EBITDA of €16m in its most recent financial results and is anticipating EBITDA of more than €20m in FY17.

Following the deal, Oasis founder and executive chairperson Dennis E Barnedt will remain as a director and "significant shareholder" in the company, according to a statement.

Montagu's capital for the transaction was drawn from its Montagu V vehicle, which closed on its €2.75bn hard-cap in August 2015, a spokesperson confirmed. The spokesperson declined to comment on financial details related to Oasis or the transaction.

Debt
According to the aforementioned recent reports by Debtwire, the sales process for Oasis saw various private equity bidders offered unitranche debt packages of 4.5-5x EBITDA, with banks also offering senior packages of 4-4.5x.

Previous funding
Housatonic and Sverica jointly acquired a majority stake in Oasis from its management in May 2009 for an undisclosed sum.

Company
Founded in 1999 and headquartered in Dublin, Oasis manages professional records and data. The company provides digital storage, scanning and digitisation, data protection services and document shredding and destruction. It operates from 30 sites across six countries and has 5,000 clients.

People
Montagu Private Equity - Michal Chalaczkiewicz (director).
Offsite Archive Storage and Integrated Services - Brian Connolly (CEO).

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