Irish B2B Internet Service Provider, MLNet, Completes MBO
The management team at MLNet Limited has successfully completed a management buy out of the business from Metronet (UK) Limited. The buyout has been led by John Earley, Chairman and CEO of MLNet, who has also led the investment which coincides with Metronet’s MBO in the UK, which valued the company at €18 million.
MLNet specialises in Internet and Cloud services and exclusively targets corporate private and public sector customers: the Company has no domestic users, which affords it an opportunity to maintain industry leading support services that satisfy the specific demands of business users.
MLNet was formed in 2008 to replicate in Ireland, Metronet (UK) Limited’s success in the UK. Under the leadership of Martin Smyth, Managing Director, the Company has since developed a powerful Internet and Cloud infrastructure servicing more than 50 corporate customers in Dublin and Cork.
John Earley said, “MLNet was non-core to Metronet, which is undergoing an aggressive expansion plan in England, Scotland and Wales. As a result, MLNet is being set free to exploit opportunities throughout the island of Ireland and I am predicting exponential growth for the business now that it has carved out an important niche market for itself.”
Metronet (UK) CEO, Elliott Mueller added: “Metronet and MLNet will operate in partnership to continue support customers that have offices and users in both the UK and Ireland, a niche market for which the two businesses offer a uniquely powerful managed communications solution”.
MLNet is to embark upon a progressive local expansion strategy beginning with an immediate recruitment campaign to strengthen its local technical operations and support team in order to underwrite its 99.95% Service Level Agreement and 4-hour commitment to fixing network issues in line with increased customer acquisition.