Genstar Capital backs Likewize
Tech protection and support company Likewize announced that Genstar Capital will join Likewize’s existing private equity investor, Brightstar Capital Partners, in leading the company’s next phase of growth. Likewize’s management team will also have significant go-forward ownership in the company.
Founded in 2021, the Dallas-based company operates in over 30 countries, resolving 250 million device problems each year across insurance, warranty, repairs, upgrades, and premium tech support.
“Over the last two years, our singular focus has been to become the world’s leading tech protection and support company and this investment is testimony to the transformation that has occurred. We are excited to have Genstar’s experience and team alongside Brightstar’s as we embark on the next chapter of the company’s evolution. We have come a long way in resolving people’s tech problems painlessly, but there is so much more to come.” – Rod Millar, CEO of Likewize.
“We are excited to partner with Rod and the exceptional Likewize team, as well as Brightstar, as the company continues to benefit from the increasing demand for device protection, repair, warranty and related solutions. We have significant experience in the warranty product space and look forward to helping Likewize deliver on its strategy and achieve its full growth potential.” – Ryan Clark, President and Managing Partner of Genstar.
Brightstar acquired Likewize in October 2020 and has provided strategic resources and capital as CEO Rod Millar and the management team transformed the company into a tech protection and support company.
“It has been incredibly rewarding to work with Rod Millar and his team as Likewize transformed into an innovative leader in the device protection industry. We are confident that Genstar, with its knowledge of the warranty marketplace and history of helping its portfolio companies thrive, will be a great partner as Likewize continues its growth.” – Andrew Weinberg, Board Chair of Likewize and Founder and CEO of Brightstar.
The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.