Bowmark Capital is acquiring UK-based ASK4 Limited, an internet solutions provider. The seller is Darwin Private Equity. No financial terms were disclosed.
Bowmark Capital, the mid-market private equity firm, is backing the buy-out of ASK4 Limited, the fast-growing internet solutions provider.
Founded in Sheffield in 2000 by its chief executive, Jonathan Burrows, ASK4 partners with universities, private sector student accommodation providers, residential apartment developers and businesses to provide high speed internet solutions and managed data services for multi-tenant accommodation.
ASK4 currently services 160,000 customers in more than 400 sites in the UK and Europe. The business has grown strongly due to its highly differentiated proposition, focus on customer service, and the increasing levels of investment in multi-tenant accommodation.
Bowmark is acquiring its interest from ASK4’s previous institutional investor, Darwin Private Equity, and is investing alongside the current management team in support of the company’s continued expansion in the UK and overseas. It will also help to accelerate the roll-out of new products and services, as well as the recruitment and training of additional staff, which will underpin the continued delivery of leading levels of customer service.
Bowmark partner Stephen Delaney said: “We have been tracking the company for a number of years and are delighted to have the opportunity to support Jonathan Burrows and his team as they build on the impressive growth they have achieved to date.”
Jonathan Burrows said: “Our growth has been built on delivering exceptional customer service and investing in strong long-term partnerships. With Bowmark’s support, we are well-positioned to continue to grow significantly in the UK and expand further into Europe, through both organic growth and targeted M&A.”
Derek Elliott, managing partner of Darwin Private Equity, commented: “ASK4 has been a successful investment for Darwin because it is a high quality business, providing excellent service to its clients, with an outstanding management team. It has grown substantially over the past four years, broadening its client base and moving into Europe. We wish Jonathan Burrows and his team continued success as they move forward under new ownership.”
For further information, please contact Caroline Cecil Associates at firstname.lastname@example.org or on 020 7610 4110.
Bowmark Capital is a leading private equity firm specialising in UK mid-market companies. Founded in 1997, Bowmark manages and advises funds totalling approximately £850 million on behalf of a blue chip investor base including public pension funds, insurance companies and financial institutions from the UK, US and Continental Europe. The Bowmark team has extensive experience of investing in growth companies, and has supported businesses in a range of industries including healthcare, education, business services, consumer and leisure, IT services and media. Bowmark Capital LLP is authorised and regulated by the Financial Conduct Authority.