Buyout shop BC Partners will buy mobile phone company Phones 4u from Providence Equity Partners, Reuters reported. Terms of the deal were not released. Phones 4u runs a 500-store business that pulled in more than $1.45 billion in 2010. Providence Equity Partners bought the company four and a half years ago, Reuters said.
(Reuters) – Private equity firm BC Partners said on Friday it is to buy mobile phone company Phones 4u from Providence Equity Partners, eyeing value in the growing smartphone market.
The firms did not disclose how much BC Partners paid for the 500-store Phones 4u business. They expect the deal to close next month.
Phones 4u, which supplies all major network and handset brands, posted 2010 sales of over 900 million pounds ($1.45 billion), representing growth of over 20 percent.
“Phones 4u is ideally positioned to benefit from further strong growth in the smartphone market, as technological innovation and product evolution continues,” said BC Partners managing partner Andrew Newington.
Providence Equity Partners, which has owned Phones 4u for four and a half years, was advised by Deutsche Bank, and BC Partners by Global Leisure Partners.
(Reporting by James Davey, editing by Neil Maidment)