Penta exits Six Degrees

The deal follows a competitive auction, which saw the US firm winning the asset as it had been targeting a UK-based platform in order to drive consolidation in the sector. According to Michael Choe, Charlesbank's managing director, the GP spent a year getting to know Six Degrees' management team.

Charlesbank is a Boston-based mid-market private equity firm with $3bn of capital under management.

Previous investment
Penta invested £60m in Six Degrees in October 2011. The firm has supported the management team in a thirteen-part buy-and-build strategy.

Company
Six Degrees provides converged technology infrastructure services to UK mid-market and corporate customers. Its managed services portfolio includes cloud, connectivity, data centre, voice products and packages.

The company is headquartered in London.

People
Alastair Mills is the founder and CEO of Six Degrees. Michael Choe is managing director and president of Charlesbank. Steven Scott is a partner at Penta.

Advisers
Vendor – DC Advisory, Richard Madden, Andrew Strudwick, Matthew Taylor (Corporate finance); Stifel (M&A).
Company - EY, Richard Harding, Olivier Wolf, Stuart Thwaites, Steven Kingham (Financial due diligence). 

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• Topics
• UK / Ireland
• Exits
• Technology
• Penta Capital Partners