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Abry Partners invests in Star as part of Claranet takeover

23 Nov 2012

Boston-based private equity firm Abry Partners has helped finance the $55m purchase of UK managed technology services company Star by strategic Claranet.

The firm provided a minority investment as part of the deal, with the Royal Bank of Scotland and Ares Capital Europe also taking part in the financing.

Star provides web hosting, networking, security and communications services to businesses through the cloud and on-site.

The combined company, which will operate under the Claranet brand, will boast revenues of more than £120m and about 700 staff across western Europe.

Its customers include Airbus, Veolia, De Vere Hotels and Amnesty International.

Abry’s previous investments in the sector include its 2011 backing of network services company Masergy and a 2007 deal for network backup services business Quo Vadis, both of which are still in its portfolio.

The firm closed its latest buyout fund on $1.6bn last December thanks to commitments from the New York State Teachers’ Retirement System, State of Wisconsin Investment Board and Florida State Board of Administration.

Earlier this month Abry bought a majority stake in Confie Seguros, a US personal lines insurance broker serving the Hispanic community, from Genstar Capital.

Genstar partnered insurance executives in 2008 to establish Confie Seguros and has grown it to more than 300 retail locations with annual revenues exceeding $200m.

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