Foresight Group, a private equity firm, has invested £3m (roughly US$4.175 million) into Luminet, a managed IT services provider, wireless telecoms specialist and Cisco Systems partner in London. The overall deal valuation was not disclosed.
Founded in 2005, Luminet was one of the first MSPs to offer commercial wireless broadband solutions to businesses, and has grown its client base in London to more than 550 businesses, the company says.
Luminet will use the private equity investment to expand its marketing and sales functions, while also bolstering network density.
Mike Quinn, senior investment manager, Foresight Group, offered this prepared comment:
“We have known Luminet for some time and have been impressed by the wireless network they are building across London. The need for fast, reliable connectivity is ever increasing and the service offered by Luminet, particularly in the densely populated South East, is in high demand. We are excited to work with Sasha and his team as they look to accelerate the growth of the business.”
Sasha Williamson, CEO & Founder, Luminet, added:
“In the last year, Luminet has transformed from a business broadband ISP to a managed service provider. We operate in a sector with high levels of M&A activity, which the team at Foresight have extensive experience with. We are excited to be working with Foresight at such an important stage of the Company’s development.”
Private Equity Firms Acquiring MSPs
Private equity firms are acquiring MSPs at a frantic pace in 2018, according to ChannelE2E's daily coverage. There is a sense in the market that many PE firms, rich with cash, are racing hard to put that money to work -- though the deal runways could include some potholes.
