A European infrastructure fund has brought significant investment and a strengthened management team to Hull broadband specialist MS3.
Asterion Industrial Partners, a Spanish-headquartered investment firm, has bought into the full fibre provider.
It specialises in mid-market operations, and the capital injection comes with the Hessle team expanding its existing network, building at 10 gigabit-capability. It is targeting more than 500,000 homes and businesses.
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Expertise with regional links has also been brought in as part of the undisclosed deal.
Guy Miller, formerly of TalkTalk joins as chief executive; Zarif Imam, formerly of ZTE, joins as chief financial officer and Chris Byrd, formerly of M247, joins as chief technology officer. He is a former University of Hull graduate with other business interests in the city.
Founders Tony Hales and Ben Tarbotton will continue to play an active role in the business.
Mr Hales, who launched the Priory Park business in 2013, said: “We are delighted that Asterion has seen the same opportunity that we see in expanding MS3’s network and look forward to working with them as we accelerate our fibre rollout at pace.
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“I also welcome the members of the new management team who I have had the pleasure of working with throughout this process.”
Providing business-to-business services to both local businesses and national telecommunications providers, MS3’s existing fibre network features more than 70km of underground, wholly owned duct and fibre, which has been providing business services for eight years.
Guido Mitrani, founding partner at Madrid-based Asterion, said: “We are thrilled to partner with a best-in-class management team to bring MS3 to the next level and are also excited to enter the 海角视频 fibre to the home market providing additional diversification to our portfolio.”
February saw a network expansion confirmed by MS3, which is also involved in the development of Yorkshire Energy Park at Hedon.
A wholesale-only provider, MS3 will enable its existing and future internet service provider clients to provide up to 10Gb connections to end-customers, building on their existing fibre ring through Hull and to more than 30 other locations in the region.
Taking the helm, Mr Miller said: “I am excited to join MS3 at this time, a business with an existing network, existing partner contracts and excellent relationships with civil contractors and councils alike.
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“MS3 is well placed to become a major regional player in the full fibre market in the years to come.”
It is the latest regional network provider to be backed big after Connexin and Quickline both brought new money into East Yorkshire through the pandemic, hot on the heels of KCom’s huge acquisition in 2019.
The investment has been welcomed by Hull City Council leader Daren Hale. He said: “We are thrilled to see another significant investment coming into a Hull-based business, especially one which supports the aims of our economic strategy to position Hull as a leading city in digital technologies.”
MS3 Networks was advised by TradeRisks and DLA Piper, Asterion Industrial Partners was advised by Gibson, Dunn & Crutcher and Alvarez and Marsal.
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