Subjects: TNM, FNC, PDT, LIC
Turning Rock Partners Provides Growth Expansion Financing for Hivelocity and Colohouse Merger
NEW YORK, April 2, 2024 /PRNewswire/ -- Turning Rock Partners ("TRP" or "Turning Rock"), a private investment firm based in New York, announced the closing of a $70 million expansion financing to support the merger of Hivelocity and Colohouse, a leading provider of colocation, cloud, bare metal, hosting and data services for a diversified set of customers. Existing shareholders also participated in the new round of capital. The combined business will feature more than 40 data center locations and will be headquartered in Tampa, FL.
"Our partnership with the combined company will serve to support new initiatives at the company and product offerings. The strong management team led by Colohouse CEO Jeremy Pease and his talented equity partners has built an exceptional business and continue to drive growth through both organic customer expansion and select strategic acquisitions," said Turning Rock CEO and Managing Partner Maggie Arvedlund.
"We believe the company is well positioned for growth in key markets. The deep domain expertise in execution and operation of data center, network, and bare metal assets is substantial. The expanding demand for safe and secure IT infrastructure services combined with a high degree of alignment of interests with management and continued support from a sophisticated group of existing shareholders to invest alongside TRP makes this an accretive investment," Arvedlund added.
"Our acquisition of Hivelocity is a strategic move to enhance our capabilities and reinforce our commitment to delivering top-tier IT infrastructure services," said Jeremy Pease, CEO at Colohouse. "Together, Colohouse and Hivelocity create a unique, next-generation provider that places the customer's needs and success at the forefront, providing them with the connectivity and computing power required to deploy and manage modern applications and data."
TRP Senior Advisor Bill LaPerch will join the Colohouse Board of Directors.
"I'm excited to become a part of the combined company's board and become an integral part in the future of Colohouse," said LaPerch.
Turning Rock Partners was advised by Winston & Strawn. Dan Fanning of POC Quarry provided a technical engineering review. Silver Regulatory Associates LLC provided additional services.
About Turning Rock Partners:
Turning Rock Partners (TRP) targets debt, equity and hybrid investments in underserved or capital constrained lower-middle market businesses in North America. TRP structures bespoke financing solutions for companies across the private market landscape. For more information, please visit Turning Rock Partners' website: www.turningrockpartners.com. For Turning Rock investor relations, please contact [email protected].
About Colohouse
Colohouse provides a digital foundation that connects our customers with impactful technology solutions and services. Our managed data center and cloud infrastructure, paired with key edge locations and reliable connectivity, allow our customers to confidently scale their applications and data while optimizing for cost, performance, and security. To learn more about Colohouse, please visit: https://colohouse.com/.
Media Contact:
Kate Shepherd, [email protected]
SOURCE Turning Rock Partners
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