Brightstar Capital Partners, a private equity firm focused on partnering with founders, entrepreneurs and management teams, announced that it has signed a definitive agreement to acquire a majority stake in Brightstar Corp, in partnership with the Company’s senior management team.
Brightstar, a subsidiary of SoftBank Group Corp, is the global leader of end-to-end device lifecycle solutions for carriers, retailers, and enterprise, managing mobile devices and accessories across the wireless ecosystem and providing services with a particular emphasis on device protection. Following the completion of the transaction, SoftBank will retain a minority stake in the Company.
“We are thrilled to renew our relationship with Brightstar as it continues to build on the increasing importance of mobile technology around the world,” said Andrew Weinberg, BCP Founder and CEO. “Having served as investors and operators in this industry for nearly two decades, including valuable time spent on the Company’s board, we’re confident that our experience and commitment will help Brightstar continue to provide innovative services to the global wireless industry.”
“Brightstar has always been committed to delivering innovative products and services and exceptional customer value – a tradition we’ve continued through recent significant investments in our operations, technology, and people,” said Rod Millar, CEO of Brightstar. “Our partnership with BCP provides us with additional resources and relationships to foster our continued growth and capitalize on the vast market opportunities in mobility and handset protection. We are excited to join forces with such a proven team to further enhance our service offerings and expand our market leadership.”
“Since I founded Brightstar over 20 years ago, the Company has grown tremendously and become a leader of end-to-end device lifecycle solutions,” said Marcelo Claure, Founder of Brightstar and COO of SoftBank Group. “I am incredibly proud of what Brightstar has accomplished over the years and am excited for an even brighter future. SoftBank looks forward to partnering with BCP as Brightstar enters into its next phase of growth.”
Headquartered in Miami, Florida, Brightstar is at the heart of the wireless ecosystem, serving carrier, retail, and enterprise customers across approximately 50 countries. The Company operates at every stage of the device lifecycle, providing integrated services, including device protection insurance, supply chain management, and trade in services.
According to the press release, the transaction, which is subject to customary closing conditions, is expected to close before the end of SoftBank’s fiscal year ending March 31, 2021. In connection with the transaction, BCP will own a 75% stake, on a fully diluted basis, in a newly formed subsidiary of BCP, which will hold all shares of Brightstar’s parent company, Brightstar Global Group Inc. SoftBank will receive cash proceeds and a 25% stake in the newly formed subsidiary.
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.