Alchemy Partners buys Geo

Alchemy Partners, a UK-based private equity firm headed by Jon Moulton, has acquired Geo, an optical fibre networks provider, in a deal worth £62m (US$120m).

Hutchison Whampoa Group was the vendor.

Geo owns a 2,500km optical fibre network across the UK which is adjacent to the mains gas pipeline, as well as an 80km fibre network in Thames Water’s sewer network in London. Both are used to design and build bespoke data networks for UK organisations such as Carphone Warehouse, Tiscali, 3UK and, most recently, the Welsh Assembly Government.

Alchemy’s other investments in IT services include Calyx, a £118m take-private in July 2007; CedarCrestone, a £77m turnaround in 2002; Datapoint, a £40m management buyout the same year; and Talgentra, a 1999 investment.