Assurant Acquires Global Cell Phone Repair Operator CPR
This press release originally appeared on Assurant.com on October 31, 2019.
Expanded options for same-day mobile repair service to provide a more seamless experience for consumers; Positions franchisees to diversify and grow their businesses
NEW YORK, Oct. 31, 2019 –- Assurant, Inc. (NYSE: AIZ), a leading global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases, today announced it has acquired MMI-CPR LLC, which operates as Cell Phone Repair (CPR), one of the largest global franchisors of mobile device repair stores with more than 700 locations. The CPR franchise provides a wide variety of same-day electronic device repairs and offers consumers the ability to sell and buy devices at their local CPR store.
Assurant acquired CPR from a subsidiary of investment firm Merrymeeting Group and a third party. Financial terms of the transaction were not disclosed.
“Acquiring CPR is a part of our ongoing efforts to improve the customer experience by expanding options for service and support where, when and how consumers want,” said Manny Becerra, president for Global Connected Living at Assurant. “Assurant also is committed to helping CPR franchisees diversify their businesses through new products and services.”
CPR will continue to operate as a standalone company with the ability to innovate to meet consumer needs.
“Franchisees will gain the benefits from Assurant’s financial strength and expertise in connected devices to help differentiate and grow their businesses, while providing a superior customer experience,” said John Davies, founder of the Merrymeeting Group. “Plus, as an innovative, fast-growing mobile support and protection provider, Assurant is well-positioned to help continuously drive new traffic to CPR stores.”
Assurant, Inc. (NYSE: AIZ) is a leading global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance and lender-placed homeowners insurance. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
Cell Phone Repair (CPR) is one of the largest global franchisors of mobile device repair stores with more than 700 locations across several countries, the majority of which are in the US. The CPR franchise specializes in a wide variety of electronic device repairs including smartphones, computers, laptops, game consoles, cameras and mp3 players. CPR franchise stores also offer consumers the ability to sell and buy pre-owned devices at their local store. CPR’s roots go back to 1996 with the opening of its first walk-in cell phone repair shop in Orlando, Florida. Learn more at cellphonerepair.com.
Some of the statements included in this press release may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained in this press release are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that our future plans, estimates or expectations will be achieved. Our actual results might differ materially from those projected in the forward-looking statements. Assurant undertakes no obligation to update or review any forward-looking statement in this press release, whether as a result of new information, future events or other developments. For a detailed discussion of the factors that could affect Assurant’s results, please refer to the factors identified in the reports we file with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to the risk factors identified in our most recent Annual Report on Form 10-K, as filed with the SEC.
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