Bowmark acquires Ask4 from Darwin

Nicole Tovstiga
12 February 2018

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UK mid-market private equity firm Bowmark Capital has acquired Ask4, a provider of data services for multi-tenant accommodation, from Darwin Private Equity.

The deal ends a four-year holding period for Darwin, the previous institutional investor in Ask4, after it acquired the wifi provider in a £21.5m MBO in May 2014.

Bowmark Capital is investing alongside the company's current management team.

With the fresh capital, Ask4 intends to continue its expansion in the UK and Europe, as well as rolling out new products and services. The company will also recruit and train additional staff to boost its customer service delivery.

The private equity firm is currently investing from its Bowmark Capital Partners V fund, which held a final close on its hard-cap of £375m in January 2014.

Previous funding
Darwin Private Equity backed the £21.5m buyout of Ask4 in May 2014. The transaction saw Darwin backing Ask4's management team, which aimed to achieve organic growth in the UK and internationally.

The capital was invested from the GP's maiden fund, Darwin Private Equity, which reached £217m in August 2008.

Company
Founded in 2000 in Sheffield by current CEO Jonathan Burrows, Ask4 provides wifi, broadband and internet protocol television services to student accommodation buildings, private residential developments and serviced offices.

The company claims it has 160,000 customers at 400 sites in the UK and Europe.

People
Bowmark Capital – Stephen Delaney (partner).
Darwin Private Equity – Derek Elliott (managing partner).
Ask4 – Jonathan Burrows (CEO).