Pulsant, a provider of IT infrastructure services to medium sized businesses in the UK, has been sold by Bridgepoint Development Capital to Oak Hill Capital Partners. The value of the transaction was not disclosed.
Pulsant, the provider of IT infrastructure services to medium sized businesses in the UK, has been sold by Bridgepoint Development Capital (‘BDC’) to Oak Hill Capital Partners (‘Oak Hill’). The value of the transaction was not disclosed.
Pulsant was created in October 2010 when BDC acquired Lumison, an Edinburgh-headquartered UK provider of connectivity, hosting and managed IT services at the same time as introducing a new CEO to the group. This was the first step in a ‘buy and build’ strategy to create a ‘one stop shop’ IT services supplier to the underserved UK SME market.
The business was subsequently re-branded Pulsant and made three further acquisitions: Blue Square Data, a colocation provider, acquired in February 2011; Dedipower, a managed services provider and operator of three data centres, acquired in September 2011; and ScoLocate, a managed data centre services business headquartered in Scotland, acquired in 2012. For the year to 31 December 2013 Pulsant delivered revenues of £43.7m and EBITDA of £16.0m.
Pulsant’s services include managed cloud and hosted IT services, colocation and connectivity for mid to large sized enterprises which are provided from a national network of 10 company operated data centres connected via the company’s own fibre network.
Mark Howling, Pulsant CEO, said: ‘We have built a fully integrated, high quality, IT services provider of scale, providing hosted data centre services to mid-sized customers. We are delighted to have Oak Hill as our new investor to help support the next phase of our development.’
Alan Payne, partner of Bridgepoint Development Capital, commented: ‘With Mark Howling and the team we achieved what we set out to do: for Pulsant to become the trusted partner to medium-sized businesses looking for a provider to meet all of their IT and networking needs.’
Advisers involved in this transaction included:
– for Bridgepoint: Jefferies (Corporate Finance)
MEIT Associates (Technical)
– for Pulsant: Travers (Legal and tax)
Liberty Corporate Finance