Darwin Private Equity backs ASK4 in £21.5m deal
Darwin Private Equity has completed the £21.5m buy-out and refinancing of ASK4 - a leading provider of telecommunications services for student accommodation buildings, private residential developments and serviced offices. ASK4 was founded by Jonathan Burrows in 2000 to provide internet services to private residential multi-tenant buildings. The company entered the student accommodation sector in 2005 following the acquisition of Horizon Telecoms.
The company, which recorded revenues of £10.2m in 2013, now provides its services to over 125,000 users across the UK and works with leading private student accommodation providers, universities and more than 400 businesses.
The deal sees Darwin back ASK4’s management team, led by Managing Director Jonathan Burrows, as the company looks to build on its rapid expansion since 2005 and target opportunities in the UK and international markets. The transaction was supported by acquisition finance facilities from Investec Growth and Acquisition Finance.
Commenting on the deal, Jonathan Burrows said, “With demand greater than ever for reliable, high speed internet services, the timing was perfect for us to bring in external investment that will help us take the business into a new phase of growth.”
Nick Jordan, Partner of Darwin Private Equity, who will join the board at ASK4, commented, “ASK4 has transformed over the past decade to establish itself as one of the leading players in the high growth broadband and TV services market for student accommodation and other multi-tenant buildings. Having built an exceptional reputation with its customers through its focus on quality, we look forward to developing our partnership with Jonathan and the rest of the team, who are well placed to capitalise on a number of opportunities.”