Aleph & Crestview back Easynet bolt-on

March 30, 2015

The firms have acquired the fibre network provider for an enterprise value of £402m.

Aleph Capital and Crestview Partners have backed the bolt-on of Easynet to cloud services portfolio company Interoute.

The deal is valued at £402m (€554m) and will see Interoute acquire the business, which has one of the largest fibre networks on the continent. Taking into account the acquisition Interoute would have had revenue over €700m in the 12 months ended 30 June 2015

The firms financed the deal with a mixture of debt and equity and plan to support Interoute’s “selective consolidation” of the cloud services market.

Aleph was launched in 2013 by Hugues Lepic, former Head of Goldman Sachs’ Private Equity Investing business.

Aleph and Crestview took a 30 per cent stake in Interoute in March from Emirates International Telecommunications for an undisclosed sum. The London-headquartered business is an integrated network and cloud computing company, servicing both the enterprise and carrier markets.

Recent deals in the cloud services sector include KKR’s purchase in August of a 25 per cent stake in SoftwareOne.