Canadian private equity firm Novacap has purchased the remaining interest in Host.net Inc from a group of shareholders led by Jeffrey Davis, the company’s co-founder and CEO. No financial terms were released. Boca Raton, Florida-based Host.net, a managed infrastructure services provider, was acquired by Novacap’s technology, media and telecommunications group in early 2013. Davis, the company’s head for nearly fifteen years, has retired. He has been replaced on an interim basis by CFO Jason Katz. Last month, Novacap made a new platform investment, acquiring Calgary’s Onstream Pipeline Inspection Services Inc.
Host.net CEO Retires, NOVACAP Purchases Remaining Stake of Company
December 03, 2015
BOCA RATON, Fla., Dec. 3, 2015 (GLOBE NEWSWIRE) — via PRWEB – Host.net announced today that its majority owner NOVACAP TMT Group, purchased the remaining equity stake from a group of shareholders led by Mr. Jeffrey Davis, Co-Founder and Chief Executive Officer.
“Jeff led the company from humble beginnings managing its growth through a period of unprecedented technological advances establishing Host.net as a premier service provider. We thank him for his leadership and service to the company,” said Ted Mocarski, Chairman of the Board of Host.net. “The purchase of the balance of the ownership is a reflection of our confidence in the company and remaining management. We have exciting plans to continue focusing on introducing innovative products and services to the market, leveraging our existing customer base, and expanding our geographical footprint,” said Stephane Tremblay, Senior Partner at NOVACAP.
Jeffrey Davis stated: “Leaving Host.net was the hardest decision of my business career. However, after nearly fifteen years, my family and I felt that it was time to leave so that I can pursue other business opportunities. I wish Ted, Jason, Lenny and the entire Host.net team the best of luck. I look forward to only more great things in the future.”
Host.net’s management team will continue their work under the leadership of Mr. Jason Katz, the company’s CFO who has been appointed interim CEO.
Host.net is a multinational provider of managed infrastructure services focusing on managed services, colocation, cloud computing and storage, along with network transport and transit for enterprise organizations. The company operates multiple enterprise-class data centers connected to an extensive fiber-optic backbone delivering Internet, MPLS and layer 2 communications using a wide array of last-mile options. It serves customers in most major metropolitan regions of North America as well as portions of Europe and Latin America. Founded in 1996, Host.net is headquartered in Boca Raton, FL. Further information about Host.net is available at http://www.host.net.
With assets under management of over $1.5 billion, NOVACAP has consistently been recognized as one of the leading private equity firms in Canada since 1981. Its unique collaborative approach with entrepreneurs, based on deep operational expertise and active management of its investment, has helped accelerate growth and maximize value for many companies across North America. NOVACAP’s culture is based on creating long-term value through an investment philosophy focused on discipline and growth. With an experienced management team and substantial financial resources NOVACAP is well positioned to continue building world-class companies. For more information, please visit http://www.novacap.ca
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