Likewize Corp. Completes Strategic Investment Transaction with Genstar Capital
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Genstar Joins with Existing Private Equity Investor, Brightstar Capital Partners, and Likewize Management Team to Support Next Phase of Growth
DALLAS, March 1, 2023-- Likewize ("the Company"), one of the world's leading tech protection and support companies, today announced the closing of its previously announced investment transaction with Genstar Capital ("Genstar"), a leading private equity firm based in San Francisco. Through this strategic investment, Genstar has joined Likewize's existing private equity investor, Brightstar Capital Partners ("Brightstar"), in supporting the Company's next phase of growth. The Likewize management team also retains a significant ownership stake in the Company.
The signing of a definitive agreement for the transaction was announced on November 9, 2022.
Likewize is trusted by many of the world's largest brands, telcos, and financial services companies to protect approximately a billion of their customers from technology problems. The Company operates in over 30 countries, resolving 250 million device problems each year across insurance, warranty, repairs, trade-ins, recycling, and premium tech support.
"This new strategic investment by Genstar, alongside our existing partnership with Brightstar, is a strong vote of confidence in the exciting future of our company," said Rod Millar, Chief Executive Officer of Likewize. "With the expertise and resources of our investment partners, we look forward to continuing our efforts to become the world's leading tech protection and support company, and to bring innovative solutions to our customers and partners around the world."
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 one 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 (www.gencap.com) 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 software, industrials, financial services, and healthcare industries.
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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