Ideas Are The New Currency

unnamedOn March 3, 2016, KeyBank National Association (“Key”) in partnership with KeyBanc Capital Markets (“KBCM”) and KeyBank Business Capital successfully closed on $110 million of Senior Secured Credit Facilities to fund the acquisition of mophie inc. (“mophie”) by ZAGG Inc. (“ZAGG” or the “Company”). The Facilities consist of a five-year $85 million Senior Secured ABL Revolving Credit Facility and a four-year $25 million Senior Secured Term Loan. KBCM acted as Joint Lead Arranger and Sole Bookrunner, with Key acting as Administrative Agent on the Senior Secured Credit Facilities.

This represents Key’s first transaction with ZAGG, a relationship that was developed through Key’s local Utah market presence. Key was selected to lead the transaction after taking the time to understand the needs of the business and crafting a financing structure to consummate the acquisition and support ongoing working capital needs. The asset based solution provides ZAGG with the financial flexibility required as a public company.

Founded in 2005, and based in Salt Lake City, Utah, ZAGG designs, produces, and distributes mobile device product solutions including screen protection, keyboards, keyboard cases, earbuds, mobile power solutions, cables and cases under the ZAGG and InvisibleShield brands. In addition, the Company designs, produces, and distributes earbuds, headphones, mobile power solutions, Bluetooth speakers, cases, and cables for mobile devices under the iFrogz brand in the fashion and youth oriented lifestyle sector.

Founded in 2005, and based in Tustin, California, mophie is a leader in designing and manufacturing premium portable power management solutions. mophie began with a focus on producing iPod speakers and has since transformed into the best-selling battery case manufacturer in North America. In 2008, mophie launched its first juice pack, the first ever mobile battery case certified by Apple Inc. Since its inception, mophie has sold over 14 million juice packs and is the #1 player in the charging case category.

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