Market
23
Oct
2024
2
min read

Genstar Capital increases investment in distributor Likewize

Likewize, a leading global provider of tech protection and support, has announced that Genstar Capital, its existing investor, has increased its investment in the company. This new round of investment, which makes Genstar the majority shareholder, reflects the firm’s strong belief in Likewize’s continued growth and its ability to address global tech issues. Brightstar Capital Partners, the previous majority investor, will remain a minority stakeholder, ensuring the management team’s steady leadership. No further financial details are disclosed.

Founded in 1997 and based in Dallas, Likewize has become a trusted partner to some of the world’s largest telecommunications companies, financial institutions, and retailers. Handling over 250 million device issues each year, Likewize provides a comprehensive range of services, from repairs, trade in, and warranties to upgrades and premium support.

Apple

Along with, for example, the Irish company Alchemy, Likewize manages the trade-in program, both in stores and online, for Apple. Making them one of the biggest players in the secondary global mobile market. This latest investment will allow Likewize to further enhance its capabilities, particularly in the areas of AI-driven claims handling and premium technical support.

Likewize's buy back business

The Netherlands Authority for Consumers & Markets (ACM) recently announced Genstar’s plan to acquire Likewize’s buy-back business in Europe. After consulting with stakeholders, the ACM approved the acquisition. While the exact details of what Genstar acquired remain unclear, this move aligns with Likewize's recent strategic developments.

Rod Millar, CEO of Likewize, emphasized the company's evolution over the past five years and its current role as a global leader in tech protection. Millar welcomed the expanded partnership with Genstar, noting that it provides the necessary resources to drive future innovation and capitalize on market opportunities.

Genstar’s President, Ryan Clark, expressed excitement about continuing their partnership, citing Likewize’s impressive growth, which has exceeded 30% over the last year. This enhanced commitment comes at a critical moment, providing the capital to drive future expansions.

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