Brit data centre biz Pulsant sold to private equity house
BDC Capital funds all used up, another VC truck rolls into town
The ownership of mid-market co-lo player Pulsant has changed hands, with private equity house BDC Capital selling up to Oak Hill Capital Partners for an undisclosed sum.
As revealed last month, BDC enlisted investment bank Jeffries to advise on a sale and seek interested buyers, more than three-and-a-half years after it snapped up Lumison, which it latterly rebranded as Pulsant.
The VC parachuted former Computacenter man Mark Howling into the CEO chair, and bank rolled an expansion strategy in the fragmented mid-market that saw it buy Blue Square Data, Dedipower and ScoLocate.
Howling, who will stay on under the new owners, said in a canned statement that Pulsant had exhausted the funds made available by BDC, and he is "delighted" to have identified a new investor to "support" the next phase.
"We expect continued significant consolidation amongst suppliers in this dynamic market," he added.
In calendar 2013 numbers, Pulsant made an operating profit of £2.3m - flat with the previous year - on the back of £43.7m in sales, up from £30.4m.
Oakhill is not new to the data centre game: it previously owned Telecity, and currently has a stake in US-based co-lo and hybrid cloud biz ViaWest and cloudy biz Intermedia – which suffered an embarrassing outage last year.
David Scott, principal at Oak Hill, said in a prepared statement that his firm would be supporting Howling and the rest of the management team as the business endeavours to keep growing. ®