Friday 27 April 2018

Oasis secures €30m acquisition facility

John Mulligan

John Mulligan

IRISH records and information management firm Oasis has secured a €30m acquisition finance facility from Goldman Sachs.

Some of the money has been used by Oasis to pay down previous loans to Irish banks and lenders.

"We are now prepared to start a new aggressive expansive growth plan through acquisitions utilising our new debt facilities in multiple regions," said Oasis chief executive Dennis Barnedt.

Oasis was advised by Dublin law firm LK Shields on the transaction.

Mr Barnedt described the transaction as having had "considerable complexities".

"Having access to expansion capital will enable us to acquire businesses within Europe and realise our strategic goals," said Oasis chief financial officer Brian Connolly.

Oasis has offices in Ireland, Northern Ireland and Britain.

The latest publicly available set of accounts for the company behind Oasis, Offsite Archive Storage and Integrated Services Holdings, show that it made a €1.8m loss in 2012. It had shareholder funds of €24.7m at the end of that year.

The accounts noted that the company remained cash generative despite the difficult economic environment in which it was operating. At the end of 2012 it had bank loans totalling €3.7m and other borrowings of €4.6m.

Irish Independent

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