Community Internet Group and VTL have been acquired by Solution1.

The managed networks and hosting companies Community Internet Group and VTL have been acquired by Solution1.

Funding for the acquisitions, which were for an undisclosed sum, was provided by Beechbrook Capital and Pohjola Private Equity.

Solution1 is a portfolio company of the private equity firm Kelso Place Asset Management.

Following the acquisitions the new company is to be renamed MDNX. The combined turnover of the new group will be around £60 million and it will have 4,000 customers.

MDNX provides managed physical and cloud-based network services for SMEs and local government organisations in the UK. The company will be led by the CEO of Solution1, Mark Thompson.