UK-based private equity firm Cinven has agreed to buy internet domain and hosting company Host Europe Group from Montagu Private Equity for 438 million pounds ($666 million).

Cinven said in a statement it was attracted to Host because the hosting industry is growing rapidly, supported by demand for cloud computing and greater internet presence among small and medium-sized businesses, and because the market is ripe for consolidation as it remains highly fragmented.

The price was roughly double the 222 million pounds Montagu paid for the company in October 2010. Host, whose sales have grown by more than 60 percent since then, has around 1.5 million retail and wholesale customers, and a big position in Europe’s two largest markets, the UK and Germany.

For Montagu, the sale marked its sixth exit this year, and the buyout firm now returned upwards of 1 billion euros to investors in 2013. Its previous sales included ghd, ADB, Unifeeder and Hansen Protection.