365 Data Centers buys NYI-NJ data center via new funding
The purchase was funded in part by a portion of what the company termed “a significant equity investment” made recently by New York-based investment firm Turning Rock Partners.
Cloud, connectivity, and data center services provider 365 Data Centers says it has purchased the NYI-NJ data center facility in Bridgewater, NJ. Terms of the deal were not disclosed, save that the purchase was funded in part by a portion of what the company termed “a significant equity investment” made recently by New York-based investment firm Turning Rock Partners.
NYI-NJ is the 11th data center for 365 Data Centers. The 25,000-square-foot facility has 2.3 MW of capacity and is located 40 miles from New York City. It adds more than 120 enterprise customers and increases the carrier network points of presence (PoPs) within 365's ecosystem to 150. "We're thrilled to announce this latest acquisition of an impressive, customer-focused business and a well-maintained, highly resilient data center," said Bob DeSantis, CEO of 365 Data Centers. "Adding a central New Jersey data center, strategically located between our Philadelphia and New York City facilities, bolsters 365's growing network-centric, edge data center portfolio."
The company’s previous footprint included 10 data centers, 20 additional network PoPs, and cloud on-ramps. The data centers are located in Boca Raton, Buffalo, Chicago, Detroit, Fort Lauderdale, Indianapolis, Nashville, Philadelphia, New York City, and Tampa.
The funds from Turning Rock Partners complemented the transaction funding provided by 365 Data Centers’ existing investors (see "Investor group buys 365 Data Centers, eyes other targets"). 365's acquisition credit lines with Antares, ING Capital, and TD Securities were also partially used to fund the purchase.
"365 and its investors, Chirisa Investments, Lumerity Capital, and Longboat Advisors, are very pleased to add Turning Rock Partners as an equity partner, and to welcome Maggie Arvedlund [the investment firm’s CEO] as a member of 365's Board of Directors," DeSantis commented. "Partnering with another investment team that is so well-versed in scaling and growth and has confidence in our business is a perfect match for 365's ambitious growth objectives. We're thrilled to bring Turning Rock Partners' expertise and capital into the mix to continue to scale our business. We look forward to a long and successful partnership together."
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