White Oak Provides PCS $100MM Facility
PCS Wireless announced a $100 million senior secured loan facility through White Oak Global Advisors.
The facility marks the first time PCS has turned to the capital markets for financing. PCS has experienced tremendous success to date as a self-financed entity, more than doubling its revenue in each of the past two years to $330 million in 2013 and $740 million in 2014. Aided by financing that will allow the company to increase purchasing power, PCS expects to surpass revenue of $1 billion in 2015. The owners of PCS have other operating investment interests in the industry which along with PCS will total roughly $2.5 billion in 2015.
“This financing marks the start of an exciting new chapter for PCS Wireless,” said Ben Nash, co-founder and chief executive officer of PCS. “Looking back at the incredible growth we have achieved over the past three years, it was clear this is the optimal time for a bold move that will take PCS to the next level. We look forward to continuing to build on our extraordinary success as we pursue an ambitious growth strategy.”
Tom Otte of White Oak commented, “We are very excited to be working with PCS on achieving its growth strategy and believe that this additional financing will help them to continue their impressive success story.”
PCS specializes in the recovery, remanufacturing and distribution of smartphones and tablets. The infusion of capital will enable PCS to increase its inventory significantly, thereby creating opportunities to forge new strategic partnerships with device manufacturers, telecom providers, retailers and distributors. In 2015, the company will buy, process and resell some 10 million new and pre-owned devices to customers in more than 20 countries across the globe through a network of 2,500 distributors. Last year, the company opened a new facility in the Dominican Republic to allow for continued expansion, complementing its main New Jersey facility.
PCS Wireless is a privately held company co-founded in 2001 by Ben Nash and Praveen Arora.