ATLANTA, Oct. 3, 2024
/PRNewswire/ -- The Aaron's Company, Inc. ("The Aaron's
Company" or "Aaron's") (NYSE: AAN) today announced the completion
of its acquisition by IQVentures Holdings, LLC ("IQVentures"), a
leading fintech organization, for $10.10 per share in cash, or an enterprise value
of approximately $504 million. The
acquisition was originally announced on June
17, 2024, and approved by The Aaron's Company shareholders
on September 25, 2024. With the
completion of the transaction, The Aaron's Company's common stock
will cease trading as of today and will no longer be listed on the
NYSE.
"Today marks the beginning of an exciting new chapter for The
Aaron's Company as we continue on our journey to enhance our
customers' lives through affordable lease and retail purchase
options," said Douglas Lindsay,
Chief Executive Officer of Aaron's. "By combining our expertise and
resources with IQVentures', we will be better positioned to
accelerate our omni-channel strategy and enhance our operational
efficiency, building on the momentum of our ongoing transformation
over the past several years."
Advisors
J.P. Morgan Securities LLC is serving as exclusive financial
advisor to The Aaron's Company, and Jones
Day is serving as legal counsel. Stephens Inc. is serving as
exclusive financial advisor to IQVentures, and King & Spalding
LLP is serving as legal counsel.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The
Aaron's Company, Inc. is a leading, technology-enabled, omnichannel
provider of lease-to-own and retail purchase solutions of
appliances, electronics, furniture, and other home goods across its
brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven.
Aaron's offers a direct-to-consumer lease-to-own solution through
its approximately 1,210 Company-operated and franchised stores in
47 states and Canada, as well as
its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance
retailers in the country with 12 retail stores in Florida and Georgia, as well as its e-commerce platform.
BrandsMart Leasing offers lease-to-own solutions to customers of
BrandsMart U.S.A. Woodhaven is the
Company's furniture manufacturing division. For more information,
visit investor.aarons.com, aarons.com, and brandsmartusa.com.
About IQVentures
Headquartered in the Columbus,
Ohio metropolitan area, IQVentures invests in and builds the
next generation of technology and companies that help shape the
future. IQVentures has substantial experience and expertise in all
aspects of consumer and business financing and leverages
proprietary technology and shared services to help drive value for
the companies it acquires. For more information, please visit
www.iqventures.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/iqventures-completes-acquisition-of-the-aarons-company-302267226.html
SOURCE The Aaron's Company, Inc.
