Strax acquires more..., a European leader in the mobile accessories sector
Miami, FL January 9, 2006 - Strax Holdings Inc (Strax), a provider of mobile accessories, mobile phones, data devices, and related services, today announced that it has acquired more... Mobilfunkzubehör GmbH and more... International Limited (more...) a leading European provider of mobile phone accessories.
Pro-forma group revenues of $250 million; Presence in 3 continents
“The new company will become one of the largest and fastest growing mobile phone accessory companies in the world with offices in 10 countries spanning 3 continents with an annual turnover of around $200 million in 2005,” said Ingvi Tomasson, CEO and Chairman of Strax. Sales are anticipated to increase to around $250 million in 2006. Both companies will continue to operate under their existing names.
Acquisition creates pan-European leader in accessories solutions
Birgir Birgisson, Strax VP Sales & Managing Director - Europe, Middle East & Africa commented, “We are delighted to have come to an agreement with more... who we have long admired as a unique company among independent European distributors. It is a well-organized company with a very strong management team and a fine industry reputation. Strax and more.... are an extremely good fit and the acquisition represents an excellent opportunity to move our business in Europe to the next level of development. This acquisition, together with an aggressive growth strategy, underlines our determination to penetrate key markets and geographies and to compete at the very highest level.”
Strong investor sponsorship in Scandinavia; Positioned for further growth
The acquisition was funded through a private placement of debt and equity to existing and new investors, including some leading Scandinavian investment institutions. Strax´s balance sheets grows and improves considerably with the more… acquisition, positioning the group well for further expansion. Landsbanki acted as advisor and placement agent for Strax on this transaction. The terms of the agreement are confidential.
About Strax: The company was founded in 1996 and is headquartered in Miami, USA with operations in London and Hong Kong. The company designs and manufacturers its own line of innovative accessories in addition to handling mobile phones, devices, and accessories from all leading manufacturers.
About more...: The company was founded in 1994 and its headquartered in Germany with offices in Spain, United Kingdom, France, Switzerland, Poland, Netherlands and Sweden. The company is one of the leading European suppliers for products, value added and end-user fulfilment solutions in the mobile phone accessories sector.
- Contact Information
- Gudmundur Palmason
- CFO & General Counsel
- Contact via E-mail
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.