High Street retailer sold to BC Partners for an undiclosed fee as new parent looks to benefit from increasing smartphone sales BC Partners have today agreed to purchase retailer Phones 4U from Providence Equity Partners LLC for an undisclosed fee.
The Staffordshire based high street retailer last year reported a sales growth of over £900 million – an increase of 20 per cent compared to 2009.
This along with its “market leading position” made it an ideal target for BC Partners according to managing partner Andrew Newington.
“Phones 4u is ideally positioned to benefit from further strong growth in the smartphone market, as technological innovation and product evolution continues. We look forward to working with management, and investing further across the business to maximise its growth potential.”
Phones 4U Tim Whiting said he was “delighted” to now have the backing of BC Partners.
Whiting said: “Their (BC Partners) track record of growing businesses is hugely impressive, and I am looking forward to working with them in the years ahead.
The takeover is still subject to various regulatory approvals and is expected to close in April.