US-based 12 ReTech has closed a deal to purchase a controlling interest in tech retailer Bluwire Group.
As part of the Exchange of Equity agreement, 12 ReTech is exchanging 500,000 of its Series A preferred shares for the acquired stake in Bluwire.
Based in the US, Bluwire Group currently operates over 12 retail stores in select airports and casinos. The company opened its first store at Newark International Airport.
The retailer offers a range of consumer electronics and travel-related products such as gadgets, travel clothes and other technology innovations across 11 premium airport terminals and one East Coast casino.
12 ReTech founder and CEO Angelo Ponzetta said: “Bluwire Group is a perfect fit for our company as it allows us to operate high-volume, profitable retail locations in the US where we plan to demonstrate our cutting-edge retail technology to other US operating retailers.
“This will also allow us to delight consumers with our technology’s ease of use. In addition, Bluwire’s principals will remain with our company. As a result, we gain their expertise and experience for our efforts to grow our newly acquired operations.”
In connection with the deal, over $650,000 in new funding was paid to Bluwire for working capital purposes, with the sellers providing most part of the amount back into Bluwire.
The company will continue Bluwire chief marketing officer Maurice Ojeda in the current role.
Ponzetta added: “In addition, we have targeted additional acquisitions that will complement our brands, who can benefit from the synergies of working together and create a true omni-channel environment.
“We believe that over time these actions may provide significant value for our shareholders.”