Argo Infrastructure Partners has upped its stake in US data center firm TierPoint.

Apollo-owned Argo, a mid-market asset manager of infrastructure assets in North America, this week announced it has acquired the equity interests of the majority of minority shareholders in TierPoint.

Terms of the deal, which has closed, were not shared.

“TierPoint is a high-quality, diverse platform, positioned for growth with a long operational track record. This places it in a uniquely differentiated position, not reliant on any single segment of the data center market,” said Jason Zibarras, managing partner of Argo Infrastructure Partners and TierPoint board director.

“Our increasing commitment demonstrates our firm belief in the near-term opportunity and long-term value of the business, underpinning our conviction on more than doubling the size of the portfolio, which is supported by strong customer demand and Argo’s capital formation capabilities. We remain committed to providing the necessary resources needed to advance the next phase of growth. We value the performance and dedication of our talented TierPoint team and look forward to building on the successes made since our first investment in 2020.”

Founded as Cequel in 2010, Argo-owned TierPoint operates around 40 data centers across 18 US markets, mostly in second-tier cities.

Cequel acquired TierPoint in 2012, taking on the latter’s name. In the intervening years, TierPoint has expanded through a mixture of new builds and acquisitions, including Colo4, Perimeter Technology Center, Adhost Internet Advertising, Baltimore Technology Park, Philadelphia Technology Park, Xand, CxP Data Centers, Altered Scale, Windstream Hosted Solutions, and Cosentry.

TierPoint has some 100MW of capacity due to come online in 2026.

Founded in 2013, New York-based Argo is an independent fund manager focused on infrastructure investing. Its portfolio includes power generation assets, utilities, electric transmission systems, and an energy storage network. Investment firm Apollo Global Management acquired Argo at the turn of the year.

Argo first invested in TierPoint alongside Wafra and Macquarie Capital Principal Finance in a 2020 $320 million raise. The company then invested another $500 million in TierPoint in 2022, becoming the company’s largest shareholder. It became a majority shareholder in the operator last year, taking its investment in TierPoint to $700 million.

Bank Street Group acted as Argo’s exclusive financial advisor, and King & Spalding acted as legal counsel.