TierPoint Closes on $500 Million Investment from Argo Infrastructure Partners
ST. LOUIS (February 28, 2022) – TierPoint, a leading provider of secure, connected data center and cloud solutions at the edge of the internet, announced today it has closed on a long-term, $500 million investment from an affiliate of Argo Infrastructure Partners LP, making Argo the largest single equity investor in TierPoint.
Net proceeds, after transaction fees and expenses, will be used to provide partial liquidity to other investors and capital to keep investing in TierPoint’s network and fuel its continued momentum.
TierPoint Chairman and CEO Jerry Kent said, “We’re very pleased that Argo – a knowledgeable and well-regarded, long-term infrastructure investor – has become our largest investor. Their investment is a result of the strong financial and operating results we’ve achieved and the success we’ve had in retaining clients through a superior level of customer care. It validates the steps we’re taking to augment our suite of leading IT infrastructure solutions and team of world-class technology professionals. Argo’s investment strengthens our position in an industry experiencing great demand for our network and services and adds to the long runway of growth ahead of us.”
Argo Managing Director Richard Klapow added, “Argo is delighted to work with TierPoint on this privately structured investment. We’re attracted to the essential nature of TierPoint’s network and the proven quality and commitment of its management. Our team’s decades of experience in managing infrastructure investments, combined with our long-term capital, places us in an ideal position to support TierPoint over the long term. We look forward to partnering with Jerry Kent and the TierPoint team.”
Paul Hastings LLP acted as legal advisor to TierPoint, and Mayer Brown LLP acted as legal advisor to Argo in the transaction.
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About TierPoint
Meeting clients where they are on their journey to IT transformation, TierPoint (tierpoint.com) is a leading provider of secure, connected data center and cloud solutions at the edge of the internet. The company has one of the largest customer bases in the industry, with thousands of clients ranging from the public to private sectors, from small businesses to Fortune 500 enterprises. TierPoint offers a comprehensive solution portfolio of private, multitenant, managed hyperscale, and hybrid cloud, plus colocation, disaster recovery, security, and other managed IT services, with one of the largest and most geographically diversified U.S. footprints of over 40 world-class data centers in 20 markets and 8 multitenant cloud pods, connected by a coast-to-coast network.
About Argo Infrastructure Partners LP
Argo Infrastructure Partners LP is an independent fund manager with a long-term approach to infrastructure investing. Argo invests in high-quality infrastructure businesses and assets that provide essential services to their communities and achieve sustainable cash yields over their long operational lives, including investments in utilities, renewable energy, digital infrastructure, and other long duration infrastructure assets. Argo’s investment philosophy aims to couple sound investment return with responsible and sustainable investing. As of January 31, 2022, Argo manages over $5 billion in assets on behalf of its investor partners. For more information, visit www.argoip.com.