Elbrus Capital exits from OSG Records Management
Private equity manager Elbrus Capital's Elbrus Capital Fund II has sold its 75 per cent stake in OSG Records Management (OSG) to Iron Mountain Incorporated, a NYSE-listed company, for RUB6.0 billion, over 4.5 times the original investment amount.
OSG was acquired by the Fund in 2013 and, under its ownership, the Company has established itself as the fast-growing leader of the records management markets in Russia and the CIS. Since 2013, Elbrus Capital has provided consistent operational support to the OSG management team, including the strategic disposal of OSG's Polish business in 2014, the negotiation of a landmark contract with Russia’s largest bank in 2016, the transformational merger with Iron Mountain in 2017, and several successful rounds of financing to support the Company’s continuous growth.
The investment has demonstrated Elbrus Capital’s unique expertise in creating and partnering with successful, fast-growing businesses, highlighting Elbrus Capital’s role as a reputable partner in Russia and the CIS for leading global businesses.
Alexander Savin, Senior Partner at Elbrus Capital, says: “We invested in OSG in 2013 and are honoured to have been able to contribute to the company’s significant development and growth. The company’s unwavering focus on its clients and quality of service is what has made the business so successful. We are thrilled that the company will continue to prosper under the stewardship of Iron Mountain Incorporated, a global leader in the records management market and our longstanding partner.”