Canadian royalty financing firm Grenville Strategic Royalty Corp has led a $250,000 royalty investment in Fixt Wireless Inc, a Toronto-based provider of wireless device repair services. Grenville partnered in the funding deal with Foregrowth Holdco Inc and Darwin Strategic Royalty Corp. Grenville established a joint venture with Foregrowth, an affiliate of Gravitas Ilium Corp, and Darwin last year. Established in 2015, Fixt is building a brand in a Canadian market “where one or two dominant firms will emerge over the next few years,” Grenville said.
Grenville Strategic Royalty and Joint Venture Partners Announce $250,000 Royalty Agreement with Fixt Wireless Inc.
TORONTO, ONTARIO–(Marketwired – April 25, 2017) – Grenville Strategic Royalty Corp. (TSX VENTURE:GRC) (“Grenville” or the “Company”) today announced it has signed a royalty purchase agreement with Fixt Wireless Inc. (“Fixt”) to provide CDN$125,000 in growth capital. Grenville’s investment partners, Foregrowth Holdco Inc. and Darwin Strategic Royalty Corp., invested alongside Grenville, for a total commitment from the three parties of CDN$250,000 to Fixt.
Fixt is a Toronto-based B2B and B2C wireless device repair service provider, set-up by a team of industry veterans to lead a multi-billion-dollar market that is relevant to 90% of the Canadian population. The Fixt brand is quickly becoming synonymous with an unwavering commitment to quality, data security, and timely service.
“Fixt is a stellar example of the type of technology service business we seek. We are delighted to be co-investing alongside this world class management team led by Garry Wood,” said Grenville CEO Steve Parry. “We believe Garry and his team are building a great Canadian brand in the emerging market for cell phone repair where one or two dominant firms will emerge over the next few years. We believe their business plan, expertise and exceptional networks built over decades in the telecom industry position Fixt to be one of the winners in this race.”
About Fixt Wireless Inc.
Fixt is a privately-held, emerging national leader in the B2B and B2C Canadian wireless repair space. In 100% corporately owned locations, the company provides clients with same-day service for most repairs, as well as a variety of warranty programs, mail-in, pick-up, and delivery services for corporate customers.
Based in Toronto, Grenville Strategic Royalty Corp. is a publicly-traded royalty company that makes investments in established businesses with revenues of up to $50 million dollars. Grenville generates revenues from royalty payments and buyouts from contracts. The non-dilutive royalty financing structure offered by Grenville competes directly with traditional equity to meet the long-term financing needs of companies on more attractive commercial terms.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Grenville Strategic Royalty Corp.
Chief Executive Officer
Photo courtesy of Fixt Wireless Inc