Dr. Phone Fix Canada Corp. has completed its acquisition of the assets of Martin Cell Phone Solutions Ltd. in Saint John, N.B., extending the company’s retail presence into New Brunswick and bringing its network of corporately owned locations to 45 across six provinces.
The company said the acquisition supports its strategy of expanding a national integrated device care platform through acquisitions, selective greenfield expansion and strategic partnerships. The transaction also strengthens its presence in Atlantic Canada following its recent expansion into Nova Scotia.
The acquisition adds an operating retail location, an existing customer base and an immediate presence in New Brunswick. Dr. Phone Fix said the acquired business will continue serving Martin’s customers while the location is gradually integrated into its operations.
“Our objective is to build a scalable national integrated device care platform by acquiring quality businesses and integrating them into our centralized operating model,” said Piyush Sawhney, Founder and Chief Executive Officer of Dr. Phone Fix. “This transaction reflects the disciplined acquisition strategy we intend to replicate as we continue expanding our national integrated device care platform, which we believe can create meaningful shareholder value. This strategy includes a disciplined purchase price, modest upfront cash, vendor alignment and operational upside through integration.”
Under the terms of the asset purchase agreement, Dr. Phone Fix acquired Martin’s assets for total consideration of $144,440.48, including $9,440.48 in inventory.
The purchase price includes:
- $50,000 in cash paid at closing;
- $50,000 in deferred and performance-based payments tied to revenue thresholds; and
- the issuance of common shares of the company as partial consideration.
As part of the transaction, Dr. Phone Fix issued 352,849 common shares to Martin with an aggregate value of $44,440.48. The shares are subject to a statutory hold period of four months and one day under applicable securities laws. The company said the transaction has received approval from the TSX Venture Exchange.
Dr. Phone Fix said Martin generated approximately $350,000 in annual revenue before the transaction, based on historical financial information provided by the vendor.
The company said it plans to integrate the acquired location into its centralized operating platform, including procurement, inventory management, pricing, marketing, training and standardized store-level operating processes. It said those measures are expected to improve operational efficiency and support the location’s long-term performance.
Dr. Phone Fix said it continues to evaluate acquisition opportunities across Canada that complement its existing geographic footprint and support its long-term growth strategy.
“We continue to see attractive acquisition opportunities across Canada within a fragmented industry. Our strategy is not simply to increase store count, but to build a stronger national platform with increasing operating scale, greater purchasing leverage and enhanced capabilities to serve customers, carriers, insurers and OEM partners across Canada,” said Sawhney.
Founded in 2019, Dr. Phone Fix said it now operates 45 corporately owned retail locations across Canada, providing device repair, refurbishment, certified pre-owned devices, trade-in services and related offerings through its national retail network.
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