Newark firm changes private equity owners
Digital Space, formerly known as Timico, has changed private equity owners after bring sold by Horizon Capital to Graphite Capital for an undisclosed fee.
Horizon had owned Digital Space since 2017.
Digital Space is a comms firm which provides hybrid cloud managed services to the UK mid-enterprise and public sector markets via its data centres, national core network and Network Operations Centre, along with its public cloud-based services.
Following the completion of the deal, Neil Muller, chief executive of Digital Space, and his management team will continue to lead the business.
Muller said: “In today’s challenging economic times, we will continue to help our customers to reduce their costs and improve their productivity through digital transformation and robust – yet agile- secure, connected cloud managed services – with targeted acquisitions expected to support our quest.”
“We thank Horizon Capital for their tremendous support over the last five years and look forward to working in partnership with Graphite.”
Jeremy Hand, chairman at Horizon Capital, said: “It’s been an absolute pleasure working alongside Neil and the wider Digital Space team through its transformation into a leading digital services player. We wish everyone well on the next leg of their journey.”
Humphrey Baker, senior partner at Graphite Capital, added: “With strong demand for digital transformation and modern ICT services, Digital Space is very well positioned to capitalise on its strategy and integrated managed service capabilities. We are delighted to support Neil and his management team during the next phase of the Company’s exciting journey.”
Digital Space was advised by Oakley Advisory (corporate finance adviser) and Pinsent Masons (legal counsel).
Graphite Capital was advised by Alantra (corporate finance adviser) and Travers Smith (legal counsel).