Glentel Completes 132-Store Acquisition in United States
October 22, 2010
GLENTEL Inc. recently completed the purchase of 81.5 percent of Utah-based Diamond Wireless, LLC, a Verizon Premier Retailer operating 132 stores in 11 U.S. states stretching from Washington to Texas, primarily in malls. GLENTEL is owned by TCG International, which also owns Speedy Glass, NOVUS, Trans America Glass Network, Shat R Proof, Windshields.com and NOVUS.
"We are delighted to welcome the Diamond Wireless team of over 750 associates to our GLENTEL team and to support them in growing Diamond throughout the United States, led by their president and co-founder, Troy Crosland, and his leadership team," says Tom Skidmore, GLENTEL's president and chief executive officer. "We look forward to our investment in Diamond Wireless, LLC contributing significant sales and earnings to our company in the current quarter and beyond. With the purchase of Diamond, GLENTEL has now created its U.S. retail division."
The total purchase price was US $50.45 million, financed by a fixed-term bank facility of US $35 million and by US $15.45 million from GLENTEL's short-term investments.
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