New York, NY and Miami, FL, October 22, 2020 – 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 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, supply chain management, and trade in services.
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.
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.