OSG Records Boosted by USD 1 Million Loan From Aurora

Russian-focused investment firm Aurora Russia Limited has increased its investment in OSG Records Management Group through a convertible loan worth USD 1 million.

The loan provides Aurora with the option of converting the outstanding principle and interest at a later date, thereby increasing its shares in the company. Aurora has already invested a significant amount in OSG including a previous convertible loan of USD 2.5 million. It current stake stands at 39.4%, but would rise to nearly 50% should it chose to convert both loans.

OSG plans to use this latest round of financing for warehouse racking and other capital expenditures.

OSG Records Management (www.osgrm.com)
OSG Records has been in business nearly thirty years, offering records storage and archive services worldwide. The bulk of their client list comes from Central and Eastern Europe, Asia, and the Middle East, with OSG being the largest records management operation in Russia, Ukraine and Kazakhstan. Their storage facilities provide uniformed security, fire protection, humidity and temperature control, and optional vault storage.

As of Q3 2008, OSG posted an increase in revenue of 61% over the same period last year, at USD 12.3 million. Total revenue for 2007 was USD 10.6 million, more than double the 2005 total of just under USD 5 million.

Aurora Russia Limited (www.aurorarussia.com)

Aurora Russia Limited is managed by Aurora Investment Advisors Limited in Guernsey, and was established as a vehicle to seek out opportunities in the financial, consumer, and business services sectors in Russia. Investment in small and mid-size companies with growth potential steers the strategy of Aurora, along with a viable two to four year exit plan for each investment. The firm’s current portfolio includes Unistream, Kreditmart, Flexinvest Bank, OSG Records Management, and SuperStroy.