Doughty Hanson set to sell 20:20 Mobile Group

Anneken Tappe
25 January 2013

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Doughty Hanson is in the process of selling mobile phone accessories business 20:20 Mobile Group to trade buyer Brightstar, according to reports.

The sale, which is yet to be approved by the British FSA, could value 20:20 Mobile at up to £200m.

Brightstar is a US-based distributor of wireless services, which sold half of its European operations for £102m to Tech Data in September 2012. With the acquisition of 20:20 Mobile, the buyer would re-establish its presence in Europe.

20:20 Mobile is a distributor of accessories for mobile phones, based in Crewe. It operates in Finland, Germany, Hungary, Italy, the Netherlands, Norway, Spain, Sweden, Poland, Portugal and the UK, employing 1,200 people.

Doughty Hanson acquired the business in August 2006 for £347m from The Caudwell Group. Mizuho Corporate Bank provided a mezzanine loan. In July 2008, the company was refinanced with £15m of fresh equity provided by Doughty Hanson and another £30m in credit facilities. A consortium of banks led by Royal Bank of Scotland wrote the company's net debt down by £92m in exchange for a 45% equity stake.