BURNABY, BC – Wireless retailer Glentel is expanding into the U.S. after buying up Diamond Wireless for US$50.45 million.
Headquartered in Salt Lake City, Utah, Diamond Wireless operates 128 stores in Washington, Oregon, Wyoming, Utah, Colorado, California, Arizona, Nevada, New Mexico, Texas and Hawaii. Founded in 2000 by brother-sister team Troy Crosland and Danielle Nielson, Diamond Wireless represents Verizon Wireless as a ‘premium retailer’ in the western and southern states.
"We are delighted to welcome Diamond Wireless to our company," said Glentel president and CEO Thomas Skidmore, in Monday’s announcement. "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."
The transaction is expected to close on October 1, 2010, subject to the fulfillment of “certain customary conditions”.
