The Aaron’s Company Completes Acquisition of BrandsMart U.S.A.
The Aaron’s Company, Inc. (“Aaron’s”), a leading technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions, announced the completion of its previously announced acquisition of BrandsMart U.S.A. (“BrandsMart”) for $230 million in cash plus customary closing adjustments.
“This is an exciting day as we welcome the BrandsMart team to the Aaron’s family. Together, we are well positioned to continue to execute on Aaron’s mission of providing consumers with easy access to high quality products on affordable lease and retail purchase options through a wider set of channels. We believe that the consolidated business can deliver strong revenue and double-digit annual adjusted EBITDA growth over the next five years and beyond,” said Douglas Lindsay, Chief Executive Officer of Aaron’s.
In connection with the closing of the BrandsMart acquisition, Aaron’s replaced its existing $250 million unsecured revolving credit facility with a new credit facility that includes an unsecured $375 million revolving credit facility and a five-year $175 million unsecured term loan. At closing, Aaron’s had approximately $117 million of borrowings outstanding under its revolving credit facility.