A Sheffield-based provider of internet services to multi-tenant accommodation is set to be acquired from its private equity owner by an investor in critical data infrastructure businesses.
ASK4 provides managed Internet, IT and internet of things (IoT) services across 12 European countries supporting more than 320,000 customers.
With the support of its current investment partner Bowmark Capital, ASK4 has solidified its position in its core markets and strategically expanded into new segments.
GI Partners has signed a definite agreement to acquire the company from Bowmark Capital. ASK4 will be GI Partners’ first data infrastructure investment in Europe. The transaction is subject to regulatory approvals.
Andrew Dutton, chief executive at ASK4, said: “ASK4’s purpose is to support people and communities to be connected, allowing them to live life and work productively in their homes and workspaces.
“We have enjoyed a fantastic partnership with Bowmark over the last five years and we are excited about the future with GI as we continue to develop the ways we support existing clients and expand the delivery of our services into multi-tenant communities across Europe and North America.”
Matt Barker, managing director and head of Europe for GI Data Infrastructure, added: “ASK4’s core proposition is the delivery of fully managed Wi-Fi connectivity within multi-tenant buildings serving students, working professionals and people in retirement. We are delighted to partner with Andrew Dutton and the ASK4 team to execute a focused geographical, sector and service expansion effort.
“ASK4’s technical and service excellence is uniquely positioned to provide real estate investors and operators with market leading services that drive retention, re-bookings and improved net operating income.”
Bowmark Capital backed a management buyout of Ask4 in February 2018.
