TELUS acquires Valinor, Kensington, CBGF backed Mobile Klinik for $165M

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By CPE News

On July 1, 2020, TELUS Corporation (TSX: T; NYSE: TU) acquired Mobile Klinik. TELUS did not make any announcement about the acquisition and associated financial terms.

TELUS has now disclosed it paid $165 million for Mobile Klinik acquisition, $31 million of which is contingent payment dependent upon achieving revenue, profitability, store expansion and wireless subscriber addition targets through 2023.

TELUS said the acquisition was made with a view to growing its wireless business.

Founded in 2015 by Rob Bruce, Ken Campbell, Alain Adam, and Naaman Zorub, Mobile Klinik is a chain of professional smartphone repair stores specializing in professional ‘while you wait’ repair and care of smartphones and tablets. The company operates approximately 80 stores across Canada.

Mobile Klinik had raised $44 million from investors including Valinor Capital Partners, L.P., Kensington Private Equity Fund, Canadian Business Growth Fund (CBGF), Bederman Capital, and private investors including Tim McGuire and Mike McKenna.

photo credit: Mobile Klinik