DIF Capital Partners has acquired US firm Tonaquint Data Centers.
The company announced this week that it has signed an agreement to acquire Tonaquint, a data center provider headquartered in St. George, Utah, through DIF’s core-plus CIF III fund.
Terms of the deal weren’t shared, but Tonaquint’s management will continue to hold a minority stake. DIF data center operating advisor Michael DeVito will be joining the Tonaquint management team to further build out the company in North America.
“Given the rapid growth of the private cloud market, Tonaquint’s product offering is right where the opportunities are now, and in the years to come. Our investment will enable Tonaquint to further build towards a leading North American data center platform. The acquisition fits DIF’s ambition to further grow in the digital infrastructure space in North America and beyond by investing in small to medium-sized businesses.” said Willem Jansonius, partner and head of CIF at DIF Capital Partners.
Matt Hamlin, co-founder and CEO of Tonaquint added: “Working with the DIF team has been such a great experience. A very experienced team and a good strategic fit as they will be able to help our management team grow Tonaquint as we have envisioned in our overall business strategy. Our goals still remain the same: provide our customers with the best infrastructure and match it with the best client experience. That’s who we are.”
Founded in 2008 as a subsidiary of local developer Kay H. Traveller, Tonaquint is a colocation and cloud service provider with operations in St. George, Utah, and Boise, Idaho.
Located in the Tonaquint Business Park and built in 2008, the St. George facility spans around 28,000 sq ft (2,600 sqm) and offers 4MW of capacity. The company entered the Boise market in 2020 with the acquisition of Fiberpipe Data Centers; the 2MW, 45,600 sq ft (4,250 sqm) building was constructed in 1999.
Founded in 2005, DIF Capital Partners is an independent infrastructure fund manager with more than €15 billion under management, largely focused on mid-market investments in Europe, North America, and Australia.
DIF's Edsger unit operates a portfolio of seven data centers across North America. It also has investments in Canadian fiber firm Valley Fiber and french fiber-to-the-home provider ADTiM.