NEW YORK and MIAMI, Oct. 22, 2020 /PRNewswire/ -- Brightstar Capital Partners ("BCP"), a private equity firm focused on partnering with founders, entrepreneurs and management teams, announced today the completion of the previously announced acquisition of a majority stake in Brightstar Corp. ("Brightstar" or the "Company"), in partnership with the Company's senior management team. An affiliate of SoftBank Group Corp. ("SoftBank"), the Company's prior owner, will retain a minority stake in the Company.
"This is an exciting day for BCP and Brightstar Corp.," said Andrew Weinberg, BCP Founder and CEO. "The wireless industry is growing and becoming more vital with each passing day, and we are confident our industry experience will help Brightstar continue to provide innovative services and solutions to global customers."
"We are thrilled to start this next phase for Brightstar along with our partners at BCP," said Rod Millar, CEO of Brightstar. "BCP brings a knowledge of Brightstar and the industry that will allow us to accelerate our strategy of growing device protection, warranty, trade-in, and supply chain solutions. Our customers, partners and employees are excited about the possibilities with our new owners."
Headquartered in Miami, Florida, Brightstar is a 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. The company operates in approximately 50 countries.
Pursuant to the terms of 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 in 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