DUBLIN-BASED document storage company Oasis Group has landed a $35 million investment from two private equity funds in the US – no mean feat in the current economic climate.

Housatonic Partners and Sverica International – both have offices in Boston and San Francisco – have secured a 60 per cent stake between them for their substantial investment.

Peter McCormick, Oasis’s group director of sales and marketing, said this investment would help the Irish company to expand its business. “This gives us a very significant war fund for future investment.”

He said Oasis was in the process of concluding due diligence on two acquisition targets. “We hope to complete these in the coming months. It will be one in Ireland and one in the UK.”

Oasis – whose brands include Oman archive storage in Dublin, McConnell in Belfast and Southern File and Data Management in London – provides offsite document and computer media storage. McCormick describes it as “recession resistant”.

Oasis currently employs about 110 staff, and has annual revenues of around £10 million. Its Ebitda is about £1.75 million.

The other 40 per cent of the business will continue to be owned by the management team of Gary McElroy, Stewart Porter and McCormick and Rogers Group Investments, a vehicle controlled by businessman Des Rogers.