Mid-market investor funds £47.5m technology deal
MID-MARKET private equity firm Livingbridge, which has an office in Birmingham, has backed the £47.5m acquisition of internet infrastructure and hosting company, M247, by Metronet (UK).
Metronet (UK) currently employs 150 people across two sites in Manchester and works with more than 2,500 business including Intu, Sofology and ao.com, delivering turnover of £21.5m in the financial year to 2016.
Following the acquisition of M247, Metronet (UK) will be able to offer a combined portfolio of connectivity and content services including wireless network services, datacentres and managed hosting solutions across the UK and Europe.
The combined business will have three datacentres, more than 200 staff and EBITDA in excess of £12m.
Established in 2003, Metronet (UK) operates an advanced hybrid ISP network by combining wireless and wired technology. It serves corporates and SMEs across the Midlands and the North of England looking for faster connectivity.
M247 was founded in 2000 by school friends Jonathan Buckle and Chris Byrd, initially as a web hosting services business before David Buckle, Jonathan Buckle’s father, decided to co-invest in the business to purchase a web hosting company named Open Hosting. Open Hosting was then incorporated into Jonathan Buckle and Chris Byrd’s existing business before being rebranded as M247 in 2003.
Today the business provides a wide range of solutions including web hosting, network and data security and 24/365 technical support. The firm operates from Manchester and Bucharest, with clients including On the Beach and Warburtons.
Livingbridge invested in Metronet (UK) in June 2014 as part of a £45m secondary buyout of the firm.
