US private equity firm Blackstone has bought a majority stake in data center engineering firm Winthrop Technologies.

The Irish Times reported that Blackstone took a 50.7 percent stake in Winthrop.

Financial details of the deal have not been shared, but previous reports have valued Winthrop at more than €800 million ($850m).

The Dublin-headquartered company will continue to operate under the Winthrop name and is expected to focus on the European data center market.

The remaining minority stake (49.3 percent) is divided between founder Barry English, group executive Anne Dooley, and managing director Bernard Keane.

“We are at an inflection point where we are seeing once-in-a-generation demand for data centers, and we believe Winthrop Technologies will be instrumental in powering this digital infrastructure revolution,” said Raphael de Botton, senior managing director at Blackstone.

Anne Dooley added: “The partnership with Blackstone marks a new era of growth for Winthrop Technologies. This is an investment in the company’s leadership, and our team at all levels, who have achieved our strong current market position and will continue to drive Winthrop Technologies into its next phase.”

Talks of the acquisition first began in February this year.

Founded in 1995, Winthrop began as a traditional mechanical and electrical contractor across the data center and industrial sectors. Today the company specializes in mission-critical projects and turnkey data center solutions.

The Irish Times reported that Winthrop’s pretax profits reached €86.17 million ($91.9m) last year. In 2021, Winthrop had a turnover of more than €685 million ($735m) and delivered more than €1 billion ($1.1bn) in 2022, according to its website.

The company has built eight data centers in Dublin alone and has turnkey projects across seven European countries, equating to more than 430MW of supply.