Livingstone helps create Consumer Electronics Aftermarket Leader
The Media & Technology sectgor team at Livingstone is pleased to announce the successful sale of Tech for Less LLC to ModusLink Global Solutions, Inc., a leader in global supply chain business process management. Livingstone acted as investment banking advisor to TFL and Dixon Midland Company, TFL’s Chicago-based private equity investor.
Headquartered in Colorado Springs, Colorado, TFL acquires returned consumer electronics and business technology products from retailers, e-retailers, distributors and manufacturers. TFL tests, refurbishes, and markets the merchandise directly to consumers via its highly trafficked website (www.techforless.com) and other direct channels.
“With TFL now part of ModusLink’s supply chain solutions, TFL customers will continue receiving the high-quality products and service they have come to expect,” said Jason Lockwood, president of TFL. “In addition, we look forward to adding value to ModusLink’s aftermarket solutions by helping major consumer electronics companies maximize asset value recovery on returned and excess products in the supply chain.”
“We’re proud to have advised TFL and Dixon Midland on this private equity exit, and to post another successful sale to a strategic buyer for an important client,” said Partner at Livingstone Chicago, Stephen Miles. “ModusLink quickly emerged as the best long-term partner for the business, as the acquisition of TFL creates one of the largest players in the fast emerging consumer electronics aftermarket.”
The sale of TFL represents the 24th transaction – and the 13th transaction involving a strategic acquirer – closed by Livingstone in 2009, underscoring the firm’s ability to deliver results for clients in challenging market environments.