Gbuys into US marketGLENTEL AGREES TO ACQUIRE A 128-STORE VERIZON WIRELESS U.S. RETAILER
Glentel Inc. has signed a binding purchase agreement, whereby Glentel has agreed to purchase 81.5 per cent of the ownership of Diamond Wireless LLC, a mall-based Verizon Wireless premium retailer headquartered in Salt Lake City, Utah. Glentel has also agreed to purchase the remaining 18.5-per-cent minority interest in the future under certain terms and conditions.
Diamond Wireless operates 128 stores (118 in malls) in Washington, Oregon, Wyoming, Utah, Colorado, California, Arizona, Nevada, New Mexico, Texas and Hawaii, with a team of 750 associates. Founded in 2000 by the brother-sister team, Troy Crosland and Danielle Nielson, Diamond Wireless has gained the distinction of being a top-rated Verizon Wireless premium retailer operating under long-term agent agreements that authorize Diamond to represent Verizon Wireless in the Western and Southern states.
"We are delighted to welcome Diamond Wireless to our company," stated Thomas Skidmore, Glentel's president and chief executive officer. "Diamond has consistently delivered strong growth in sales and profitability, new store openings and solid same-store sales growth year over year similar to the performance of our retail division in Canada. As Glentel now continues its wireless retail mall expansion into the United States, we endorse Diamond's business plan to grow with profitability representing Verizon Wireless, under the continued leadership and commitment of Diamond's president and chief operating officer, Troy Crosland, and his existing management team. Diamond Wireless will be a significant contributor to our earnings and shareholder value in the fourth quarter."