Stonecourt Capital has acquired a majority stake in 365 Data Centers, but original investors Lumerity Capital and Longboat Advisors have reinvested in the new partnership.
CEO Bob DeSantis and the 365 management team will remain in their positions at the company. Investors Chirisa Investments and Turning Rock Partners were bought out, and Board members Colm Piercy and Maggie Arvedlund will step down.
Business as usual
The company operates 230,000 square feet of data center space and 22MW of available power, across its 12 data centers, 21 points of presence, and 400 peering partners. It has more than 650 customers in the eastern United States.
“We are pleased to welcome Stonecourt as a partner in 365 Data Centers,” said DeSantis.
“Stonecourt has a proven reputation of supporting growth businesses with financial and strategic resources, and we are excited to partner with them to foster the next phase of the Company’s expansion. The 365 team will remain fully intact, and this partnership will enhance our ability to execute on our organic and acquisition growth strategies."
Lance Hirt, managing partner at Stonecourt, added: “We are very impressed by the portfolio of data center and fiber assets that Bob and the 365 team have successfully integrated. The company’s blue chip enterprise and carrier customer base creates a unique platform."
Bank Street Group served as the financial advisor to both 365 Data Centers and Stonecourt Capital. Shipman & Goodwin LLP acted as legal counsel to 365, and Polsinelli PC acted as legal counsel to Stonecourt.