PCS Wireless Receives $100 Million Debt Financing Commitment to Continue Accelerated Growth

March 19, 2015 | By Business Wire News

FLORHAM PARK, N.J.

PCS Wireless (PCS), a leading global remanufacturer and distributor of mobile devices, today announced it has positioned itself for continued major expansion, with a $100 million senior-secured loan facility through White Oak Global Advisors LLC, a specialty finance company offering customized lending products and services to corporate clients across all sectors.

The senior-secured credit 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.

Mr. Nash co-founded PCS Wireless in 2001 with Praveen Arora.

About PCS Wireless

PCS Wireless (pcsww.com) is a privately held company co-founded in 2001 by Ben Nash and Praveen Arora. Over the years it has since built a reputation as the world’s leading remanufacturer and distributor of smartphones and tablets. Using an aggressive reverse logistics asset recovery program, PCS buys, cleans, processes and resells millions of pre-owned mobile devices every year through a growing network of more than 2,500 distributors.

PCS has revolutionized the mobile device industry, closing the gap between early adopters and other consumers by making the newest smartphones and tablets affordable to the mass market more quickly and efficient than ever. A distributor in the personal technology sector, the company is helping to make long-term telecom contracts a thing of the past.

In 2014, PCS Wireless launched Posh Mobile, a line of Android devices that combine style and affordability. Its featured product, the Equal Lite W700 is a 7” tablet with 8GB of internal memory and a 1.2 GHz Quad Core processor for just $115.

About White Oak Global Advisors, LLC

White Oak Global Advisors, LLC, is an SEC-registered investment adviser that directly originates private debt financings to middle market companies to support growth initiatives. White Oak’s product suite includes asset-based secured term loans and credit facilities, cash flow based term loans, unitranche facilities, rescue and debtor-in-possession (DIP) financings, in/out of court restructurings, acquisition and capital expenditure facilities and other structured finance instruments. With over $1.7 billion of invested and committed capital,* White Oak has made over 75 direct debt investments in companies with enterprise values between $50MM and $1BN across a diverse range of industries and sectors. Headquartered in San Francisco, White Oak has additional offices in New York City, Dallas and Denver. To learn more about White Oak Global Advisors, LLC, visit www.whiteoaksf.com.

*The Firm’s AUM is calculated as of 12/31/2014 and includes the Regulatory Assets under Management in addition to the uncalled capital commitments of the separate accounts managed by the Firm.