A self-storage operation backed by former Lifestyle Sports chief Andrew Sharkey is raising more than €12 million in debt and equity to fund its expansion plans in Ireland and Europe.
Cork-based Mini Storage has raised €3 million in equity funding from Kernel Capital Partners, a partner of Bank of Ireland's Kernel Capital private equity fund.
The investment is part of an overall €12.125 million fundraising on which the Cork company has embarked to fund expansion here and in Europe.
Self-storage allows private individuals and businesses to store goods and belongings away from their homes and premises in dedicated units.
The increasing number of people living in apartments has boosted the popularity of the service in recent years.
Mini Storage says it is one of the longest-established players in the business. The company has been trading from Mahon Industrial Estate in Blackrock, Cork, since 1991.
It is building a new facility at Northern Cross Business Park in Finglas, Dublin, close to the M50.
The company said yesterday that the Dublin base would include a drive-through facility, scope for commercial vans and 1,900 units varying in size from 1sq m to 200sq m (10.7sq ft to 2,153sq ft).
Kernel Capital Partners has invested €110 million across a number of sectors. Companies it has backed include Cork-based Farran Technology, ChipSensors in Co Clare and biotech players Stokes Bio and Merrion Pharmaceuticals.
