AUSTIN, Texas and NEW YORK, March 31, 2016 /PRNewswire/ -- Brightstar Capital Partners ("Brightstar") announced today that it has acquired a majority ownership of Global Resale, LLC ("Global Resale" or the "Company") in partnership with the Company's founder and CEO, Jeff Zeigler. Global Resale is a leading, global provider of aftermarket services and reverse logistics, focused on resale, buyback, and disposition of technology devices. As part of the transaction, Brightstar has initially committed $50 million to Global Resale to fund the Company's growth.
"Global Resale is a recognized leader in this space and has an impressive team with a track record of operational excellence. Having known Zeigler for over a decade, I am confident that he is the right operator to lead this business, and I am excited about the future of this partnership," said Brightstar Senior Partner Tom Meredith, who will serve as Chairman of Global Resale's board.
Meredith brings extensive experience to the team himself, having served as CFO of Dell for nearly a decade, co-founded Dell Financial Services and Amdahl Capital Corporation in addition to having held other senior positions at Motorola and Sun Microsystems. Zeigler and Meredith will be joined on the board by Brightstar Capital Partners' Managing Partner, Andrew Weinberg, who brings substantial experience in the mobile reverse logistics space. Weinberg previously served as Chief Operating Officer and Chief Strategy Officer of Brightstar Corporation (now a subsidiary of SoftBank Group Corp).
"We are extremely excited about entering the next phase of our Company's growth," said Zeigler. "With the combination of Brightstar's capital, Tom's knowledge of IT and supply chain businesses, and Andrew's expertise within the mobile reverse logistics space, we are optimally positioned to build on Global Resale's strong foundation and expand the scope of offerings for our business partners."
Global Resale will use the capital infusion to broaden its geographic footprint, launch new online marketplaces, and expand its service offerings across various product categories. The Company is currently completing a state-of-the-art services and refurbishment center in a legacy Dell manufacturing facility at its Austin headquarters.
Brightstar expects significant growth for Global Resale, which targets a large addressable market in each of its core market segments. Brightstar's assessment shows that the industry is well-positioned to benefit from the replacement of billions of connected devices around the world.
"I am thrilled about the wealth of experience and proven track record of success that industry veterans Jeff Zeigler and Tom Meredith will bring to this partnership," added Weinberg. "We could not be happier with the team that we have assembled – Zeigler as CEO and Meredith as Chairman – to lead Global Resale."
About Global Resale Headquartered in Austin, Texas, Global Resale partners with manufacturers, carriers, resellers, and large corporate accounts to replace their devices faster and capture higher residual values. The Company sources technology assets, rebuilds and refurbishes the units, and sells them through online retail, reseller, and wholesale channels worldwide.
About Brightstar Capital Partners Brightstar Capital Partners is a New York-based private equity firm focused on investing in closely held, middle-market companies. Brightstar seeks partnership opportunities with exceptional management teams where it is uniquely positioned to drive value creation. Brightstar employs an operationally intensive approach to investing that leverages its extensive experience and relationship network. The firm seeks to invest $50 to $300 million in each portfolio company over the course of its investment.
Contact Information: Global Resale Jeff Unkle – Chief Financial Officer (512) 746-1976 [email protected]
Brightstar Capital Partners Renee Noto – Partner, Business Development (212) 419-9851 [email protected]