Darwin Private Equity has completed the management buyout of Attenda Ltd, a leading provider of business critical managed hosting services to UK enterprises, for £50 million. Attenda hosts and manages its Clients' mission critical applications, ensuring that they are "Always On" providing Clients with higher availability and systems flexibility at lower cost. With its business centric approach and utilising its proprietary Cloud management platform, Attenda provides services and solutions in the Client's chosen environment, ranging from pure Cloud computing deployments through to more dedicated, tailored solutions.
Attenda (attenda.net) has built a broad Client base of over 100 UK enterprises including bmi, St James's Place and Travelodge. Established in 1997, Attenda now has over 200 staff and a strong track record of year on year growth, achieving revenues of £28.5 million in 2010.
Darwin is backing Attenda's existing management team, led by CEO Mark Fowle, and will look to invest in widening its range of services and expanding its data centre capabilities. Attenda is well placed to maintain growth through its focus on the high growth hosted applications market which is currently estimated to be over £1 billion.
Commenting on the sale, Mark Fowle said: "We are looking forward to working with Darwin, who clearly share our passion and vision for the business. Our partnership with them will give us greater scope to invest in service development and accelerate our ambitious growth plans. We have worked hard to build a strong platform from which to grow and relish the opportunity to extend our position as a leader in this market. I would also like to thank M/C Partners for their support and help over the past few years."
Nick Jordan, Partner of Darwin Private Equity, commented: "Attenda has a highly professional and experienced management team and is operating in an exciting segment of the managed services market. We see great potential for Attenda and are looking forward to working with Mark and his team to help extend their leading position in Cloud Computing."
Private equity firm M/C Partners have supported Attenda since 2002 and will exit as part of the transaction which comes a year after the sale of IFL, Attenda's co-location subsidiary, to Telecity for £21m. Advisers to Attenda were Investec, Olswang and Grant Thornton (tax). Darwin was advised by Harris Williams, Travers Smith, Grant Thornton (due diligence) and Deloitte.