Mobility distributor Brightstar has bolstered its European business with the acquisition of 20:20 Mobile, a provider of distribution and integrated supply chain solutions to the European mobile industry. 20:20 Mobile currently serves over 3,500 customers with annual turnover of nearly £1bn.
Marcelo Claure, Brightstar's president and CEO, said: "With the strategic acquisition of 20:20 Mobile Brightstar has a strong position in the European market, one of the most exciting and progressive markets in the world.
"Bringing the team of 20:20 Mobile into the Brightstar family will allow us to deliver some of the top innovations and services developed for mobility to the operators, retailers and manufacturers that are leading the wireless industry in Europe."
Brightstar serves more than 200 operators and 50,000 retailers and has a local presence in more than 50 countries.
The acquired company, which will be renamed Brightstar 20:20, will be led by a management team including German Lopez, currently MD of 20:20 Mobile in Spain and Portugal, who will lead the organisation as President, Europe.
During his tenure with 20:20 Lopez grew subsidiaries in Spain and Portugal from £15m when he joined in 2007 to record revenues of over £270m for the fiscal year ended March 31, 2013.
Jim Michel will serve as the MD of Brightstar 20:20 UK. Prior to joining Brightstar 20:20, Michel served as the Managing Director of Tech Data Mobile in the UK between October 2011 and July 2013 and previously held senior management positions with both Motorola and LG Electronics.
The acquisition is expected to close early in the first quarter of 2014 pending certain closing conditions.