Charlesbank to acquire tech infrastructure from Penta

Penta had originally invested £60 million for a buy-and-build strategy to found Six Degrees Group

Charlesbank Capital Partners will acquire technology infrastructure provider Six Degrees Group from Penta Capital in a deal expected to conclude in July, according to a statement.

Penta had initially invested £60 million for a buy-and-build strategy, and the London-based Six Degrees was formed in 2011 through the acquisition of three platform investments of UKSolutions, NetworkFlow and Protel, according to Penta's website.

Six Degrees provides converged technology infrastructure services, such as cloud, connectivity, data centre and voice solutions, to UK mid-market and corporate clients.

DC Advisory and Stifel jointly advised Six Degrees and Penta on this transaction, the process of which began in January this year. The acquisition will allow Charlesbank to fulfill its search for a UK-based platform acquisition for consolidation in the tech infrastructure sector.

Charlesbank, based in Boston, manages $2 billion (£1.26 billion; €1.75 billion) in assets and has committed $3.3 billion of capital, according to PEI's Research & Analytics division. It has managed five funds, the latest of which, Charlesbank Equity Fund VIII, beat its $1.5 billion target by holding a final close on $1.75 billion.