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The smartphone accessories retailer says a deal could happen in early 2013.
Mobile Fun, a U.K.-based and privately owned mobile device accessories e-retailer, today announced the appointment of corporate finance firm Altium Capital as counsel for a possible sale in the coming months. Mobile Fun, founded in 2000, sells more than 6,500 products for some 400 brands of mobile devices, and ships to more than 50 countries worldwide.
Mobile Fun says it wants a buyer to support its plans for international growth. In 2012, Mobile Fun’s revenue exceeded 10 million U.K. pounds (US$15.9 million), with about one-third of that coming from international sales. The retailer operates dedicated sites for 14 countries—including the U.S., France, Germany, Hong Kong, Spain and India—and plans to launch sites for 20 more countries in the coming year.
“We typically receive several approaches a year from both private equity and trade buyers in the U.K. and from overseas,” says Mobile Fun managing director Mohammed Hussain. “We feel that the timing is now right to find new shareholders for our growing and profitable online business. With the right investment, we will further strengthen our market position and be ready to grow exponentially in the expanding smart devices market.”
Andy Clarke, assistant director at Altium Capital, echoed Hussain’s comments: “Mobile Fun is a high growth potential company operating in a very attractive market which has proved remarkably resilient to the current economic conditions. As Mobile Fun presents a unique opportunity, we anticipate initial discussions with potential new shareholders taking place before Christmas.”
Hussain expects the process to be completed in the early months of 2013.