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Rack Center Sells Majority Shares To Actis

Actis, a private equity investor solely focused on emerging markets, headquartered in London has acquired a majority stake in Nigeria’s provider of data centre collocation and cloud services, Rack Centre.

The company which started operations in 2004, said its decision to invest was taken after a detailed assessment of the players in the African market and selected Rack Centre with the most significant potential to grow and expand in Africa.

Rack Centre was established and wholly owned by Jagal, Nigerian conglomerate holding, which operates leading energy businesses and manages a diverse portfolio of investments.

Commenting on the development, Head of Real Estate at Actis, David Morley, said: “We have been tracking the data centre market in Africa closely, building relationships with key operators and customers. Africa is at an inflection point and we expect to see an explosion in growth of demand for hosting capacity in independently owned data centres across the continent.

Morley further expressed delight in the new deal with Rack Center: “We are excited about this new partnership with Rack Centre and its parent company Jagal.  Together they have built a strong business of international repute, hosting a compelling mix of customers ranging from leading Nigerian corporates to global cloud majors.”

Also, Chief Executive Officer of Jagal, Maher Jarmakani, said: “Jagal is excited with its new partnership. Rack Centre has developed into a leading and respected African brand and it is now at a critical stage for investment and growth. Actis understands global and emerging markets and will be a fantastic partner for the next phase of the Rack Centre journey.”

According to the Managing Director, Rack Centre, Dr. Ayotunde Coker, “Rack Centre is now at a key juncture and my team and I’m excited with being part of the future growth. With over 750kW of installed capacity, it is now doubling capacity to 1.5MW of IT power at the current location on a trajectory to 10MW.”

Coker noted that it has been a great honour to lead the growth of Rack Centre to become one of the most respected carrier neutral data centre brands in West Africa; a household name with global recognition.

Speaking further on the brand, he said: “Since commencing operations in Lagos in 2013, Rack Centre has consistently set the quality bar in the industry in Africa, being the first on the Continent to be Tier III Constructed Facility Certified in April 2017 with a global reputation for excellence and consistently, winning multiple global awards. Rack Centre has the largest installed capacity in West Africa with a range of over 80 blue chip international, multi-national and local clients. With over 35 carriers, Internet Service Providers, Mobile Network Operators present, and hosting the Internet Exchange Point of Nigeria; it is the most connected, carrier neutral, Tier III certified data centre in Sub-Sahara Africa, with every country on the Atlantic coast of Africa directly connected.”

It will be recalled that Actis, in 2007 sold its majority ownership stake of Palms shopping centre, to its Nigerian partner, the property developer Tayo Amusan. The 25,000 m² which was developed in joint venture between Actis and Mr. Amusan at a cost of over US$40m, opened in late 2005.

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