PE Hub: Mobile Klinik secures $6.85 mln in Kensington-led Series B
Smartphone and tablet repair company Mobile Klinik has raised $6.85 million in a Series B financing. The round was led by Canadian alternative asset management firm Kensington Capital Partners. It was joined by individual investors, including Tim McGuire, formerly of McKinsey & Co, and Rob Pitfield, formerly of Scotiabank. With the deal, McGuire has joined the board and will serve as chairman. Based in Ottawa, Mobile Klinik was launched in 2015 by wireless and retail executives, including CEO Rob Bruce, the former president of Rogers Communications Inc. It currently operates a chain of 20 stores in Ontario, Québec and Alberta.
Mobile Klinik Secures $6.85 Million In Series B Equity Financing
Funds earmarked for continued national expansion
TORONTO, ON (September 11, 2017) – Mobile Klinik, Canada’s fastest growing professional smartphone and tablet repair company, has successfully closed an oversubscribed Series B funding round at $6.85 million. The equity investment round was led by Kensington Capital Partners and includes an impressive group of individual investors, such as Tim McGuire, former Senior Partner, global retail and consumer practice leader at McKinsey & Company, and Rob Pitfield, former Group Head, International and Chief Risk Officer, Scotiabank.
Mobile Klinik will use the funding to accelerate its growth strategy to provide all Canadians with professional, while-you-wait, fully warrantied smartphone and tablet repair.
“Having one of the highest smartphone penetration rates in the world gives Canadians a real need for professional repair and care,” said Rob Bruce, CEO and Founding Partner. “Mobile Klinik meets that need head-on with best-in-class, on site repair from expert technicians who can fix your device while you wait. We are thrilled to be able to more rapidly expand our industry-leading value proposition to serve consumers from coast to coast,” he added.
Tim McGuire has also joined Mobile Klinik’s Board of Directors and will serve as Chairman of the Board. Mike McKenna, former Director, TMT Investment Banking, Scotiabank, has joined Mobile Klinik as CFO and will also join the Board.
Mobile Klinik offers dedicated professional smartphone and tablet repair, most times in less than 60 minutes. Expert technicians offer immediate, on-site diagnosis and quote to repair a broken smartphone or tablet with premium quality parts and a lifetime warranty on parts and labour.
Mobile Klinik’s concept of while-you-wait professional smartphone repair was introduced to Canada by four Canadian wireless and retail industry leaders: Rob Bruce, former President, Rogers Communications; Ken Campbell, former CEO, WIND Mobile; and Alain Adam and Naaman Zorub, entrepreneurs who operate a number of wireless retail stores and other businesses in Ottawa and Gatineau. Mobile Klinik operates locations in major shopping malls and other high-traffic retail locations in Ontario, Quebec.
Last week, Mobile Klinik announced an acquisition of nine locations in Alberta, bringing the total number of Mobile Klinik retail outlets to 20 since the first store opened in September 2015. More locations will open soon.
About Kensington Capital Partners
Kensington Capital Partners is a leading Canadian alternative asset management firm with $1.2 billion in assets under management.Kensington’s investment platform includes diversified funds focused on private equity, venture capital, infrastructure assets and hedge funds.
About Mobile Klinik
Mobile Klinik is Canada’s fastest growing professional while-you-wait smartphone and tablet repair chain with 20 stores in Ontario, Quebec and now Alberta. Visit us on Facebook or Twitter @MobileKlinik, or go to www.mobileklinik.ca.
Liz Hamilton at [email protected] / 647.282.2802