Darwin Private Equity Completes Buyout of UK Broadband ISP ASK4

Sheffield-based ISP ASK4, which serves businesses as well as student accommodation and homes in multi-tenant buildings, has been acquired by Darwin Private Equity as part of a £21.5 million buy-out and refinancing deal.

The provider, which was founded by Jonathan Burrows in 2000, has over the past few years been growing steadily and is now home to 100 staff with recorded revenues hitting £10.2 million in 2013. The ISP also has around 100,000 customers, although most of those are in student accommodation (around 400 are businesses).

According to Bdaily, Darwin Private Equity has backed ASK4’s management team (continuing to be led by MD Jonathan Burrows) to continue running and building the business. The transaction was also supported by acquisition finance facilities from Investec Growth & Acquisition Finance. As part of the deal DPE partner, Nick Jordan, will be joining ASK4’s board.

Jonathan Burrows said:

“With demand greater than ever for reliable, high speed internet services, the timing is perfect for us to bring in external investment that will help us take the business into a new phase of growth.

The team at Darwin has impressed us with its focus and understanding of our market. With its support, we are committed to developing our technology offering and continue to deliver value, innovation and quality service to our customers.”

Broadly speaking it looks as if the aim here was to raise more money so that ASK4 could grow, which suggests that it already has some strong opportunities lined up for the future.