Dallas, TX, November 9, 2022 – Likewize, the world’s leading tech protection and support company, today announced it has signed a definitive agreement with Genstar Capital (“Genstar”), a leading private equity firm headquartered in San Francisco, CA. Genstar will join Likewize’s existing private equity investor, Brightstar Capital Partners (“Brightstar”), in leading the company’s next phase of growth. Likewize’s management team will also have significant go-forward ownership in the company.
This joint partnership between two leading private equity firms demonstrates Likewize’s successful transformation into a leading player in the expanding device protection market and sets the stage for continued growth.
Likewize is trusted by many of the world’s biggest brands, telcos, and financial services companies to protect their half a billion customers from technology problems. The company operates in over 30 countries, resolving 250 million device problems each year across insurance, warranty, repairs, upgrades, and premium tech support.
“Over the last two years, our singular focus has been to become the world’s leading tech protection and support company and this investment is testimony to the transformation that has occurred. We are excited to have Genstar’s experience and team alongside Brightstar’s as we embark on the next chapter of the company’s evolution. We have come a long way in resolving people’s tech problems painlessly, but there is so much more to come” said Rod Millar, Chief Executive Officer of Likewize.
“We are excited to partner with Rod and the exceptional Likewize team, as well as Brightstar, as the company continues to benefit from the increasing demand for device protection, repair, warranty and related solutions,” said Ryan Clark, President and Managing Partner of Genstar. “We have significant experience in the warranty product space and look forward to helping Likewize deliver on its strategy and achieve its full growth potential.”
Brightstar acquired Likewize in October 2020 and has provided strategic resources and capital as CEO Rod Millar and the management team transformed the company into a tech protection and support company. Likewize is now well positioned to capitalize on the vast market opportunities in the rapidly growing mobile and handset protection sector.
“It has been incredibly rewarding to work with Rod Millar and his team as Likewize transformed into an innovative leader in the device protection industry. We are confident that Genstar, with its knowledge of the warranty marketplace and history of helping its portfolio companies thrive, will be a great partner as Likewize continues its growth,” said Andrew Weinberg, Board Chair of Likewize and Founder and CEO of Brightstar.
The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.
Jefferies LLC acted as lead financial advisor, and Citi served as financial advisor to Brightstar and Likewize.
When your tech goes wrong, Likewize makes it right. Likewize offers the most comprehensive protection against any technology disruption. Whether a device is lost, stolen, damaged, malfunctioning, in need of an upgrade or the user does not know how to do something, Likewize provides the solution. Trusted by the world’s largest brands, telcos, and banks, to look after approximately a billion of their customers. We operate in over 30 countries, resolving 250 million problems each year across insurance, warranty, repairs, trade-ins, recycling, and premium tech support. For more information, please visit: www.likewize.com.
About Genstar Capital
Genstar Capital is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $35 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries. For more information, please visit: www.gencap.com
About Brightstar Capital Partners
Brightstar Capital Partners is a middle market private equity firm focused on investing in closely held family, founder, or entrepreneur-owned businesses where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Brightstar employs an operationally intensive “Us & Us” approach that leverages its extensive experience and relationship network to help companies reach their full potential. For more information, please visit www.brightstarcp.com.
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