Hyla Mobile, a reverse logistics company that refurbishes and resells phones, has been acquired by insurance and extended warranty provider Assurant.
Assurant on Oct. 28 announced its purchase of Hyla, a Texas-based company that operates a 130,000-square-foot processing facility near Nashville, Tenn. In a financial filing, Assurant said the $325 million deal is expected to close by the end of this year.
Assurant is a global company providing a range of services including mobile device insurance and life cycle management. In a release, Assurant said the acquisition “further cements Assurant’s position as a leader in trade-in and upgrade programs, and deepens its focus on connected lifestyles.” The company also noted that Hyla’s capabilities will double Assurant’s processing volumes and allow the company to process a wider range of devices.
Additionally, Assurant said the deal improves its ability to “capitalize on the upcoming 5G smartphone upgrade cycle.”
This is the latest acquisition in the repair sector for Assurant. In August, the company acquired Fixt, a company that connects customers with nearby repair technicians. In March 2019, Assurant acquired a Canadian phone repair firm, All Tech-Neek Electronics. Assurant said that acquisition advanced its “strategic goal to control the device protection lifecycle from end to end and align with their global repair optimization objectives.”
Based in New York City, Assurant has a presence in 21 countries.
More stories about refurbishment/reuse
- Cascade survey shows pandemic’s ITAD impact
- Recycling commission endorses right-to-repair bill
- Mexico move exemplifies Ingram Micro’s global strategy