Private Equity firm backs buy out of broadband company

Mid-market Private Equity firm Bowmark Capital has backed the buy-out of Sheffield broadband firm ASK4.

Founded in Sheffield in 2000 by CEO 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.

The firm currently serves over 160,000 customers more 400 sites in the UK and Europe.

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 ASK4’s first class customer service – both for accommodation operators and service end users.

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 added: “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, said: “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 4 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.”