NEW YORK and MIAMI, Sept. 17, 2020 /PRNewswire/ — Brightstar Capital Partners (“BCP”), a private equity firm focused on partnering with founders, entrepreneurs and management teams, announced today that it has signed a definitive agreement to acquire a majority stake in Brightstar Corp. (“Brightstar” or the “Company”), in partnership with the Company’s senior management team.
Brightstar, a subsidiary of SoftBank Group Corp. (“SoftBank”), 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.
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.
About Brightstar Corp.
Brightstar simplifies the wireless world, making mobile technology accessible to everyone. We are a global leader of end-to-end device lifecycle management solutions. We work with carrier, retail and enterprise customers approximately 50 countries, touching every stage of a device’s lifecycle, from when it’s manufactured to the moment it’s time to trade it in and re-market it. To learn more about Brightstar, please visit Brightstar.com or contact [email protected].
About Brightstar Capital Partners
Brightstar Capital Partners is a private equity firm focused on partnering with exceptional founders, entrepreneurs and management teams where the firm is ideally positioned to drive value creation. Brightstar employs an operationally intensive approach that leverages its extensive experience and relationship network to help companies reach their full potential. For more information please visit www.brightstarcapitalpartners.com.
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SOURCE Brightstar Capital Partners