ABRY Partners has completed its $525 million cash sale of CyrusOne, a data center colocation company, to Cincinnati Bell (NYSE: CBB). Kirkland & Ellis and Craig Cavalier provided general counsel to CyrusOne on the transaction, while Cincinnati Bell was advised legally by Cravath, Swaine & Moore and Thomas W. Bosse and financially by Allen and Company and Signal Hill Capital Group. ABRY acquired CyrusOne in a 2007 LBO for $140 million.
Since the beginning of 2007, 125 PE investors have invested in 160 IT Services companies, according to the PitchBook Platform. Deal flow has dropped from year to year but remained at strong levels. There were 73 completed or announced deals in 2007, 48 in 2008, 34 in 2009 and 16 so far in 2010. Investing in the industry is relatively evenly split between the Systems & Information Management and Consulting & Outsourcing sectors, with 45 and 49 deals respectively, and the most active investors include Oak Investment Partners (5 deals), Thoma Bravo (4), Great Hill Partners (4), Kohlberg Kravis Roberts (3) and ABRY Partners (3).