this acquisition we will increase the number of
Company-operated stores currently open in Michigan to 18
R. Charles Loudermilk, Sr., Chairman and
CEO, Aaron Rents
|Annual revenue of the acquired stores is
approximately $10.9 million. The acquisition was for $8.9
million cash, or 9.8 times monthly revenue
(RNT) announced the acquisition
of nine Aaron's Sales & Lease Ownership franchised stores located in the state
"These stores are good performing stores and we are pleased to turn them into
Company-operated stores," said R. Charles Loudermilk, Sr., Chairman and Chief
Executive Officer of Aaron Rents. "With this acquisition we will increase the
number of Company-operated stores currently open in Michigan to 18."
The stores were purchased from Great Lakes R & P, LLC, an Aaron's Sales & Lease
Ownership franchisee since 1996. After this sale, Doug Denboer, one of the
partners of Great Lakes, will continue to operate two Aaron's Sales &
Lease Ownership franchised stores and has entered into a new area development
agreement to open an additional four stores in Michigan over the next
thirty-six months. The current annual revenue of the acquired stores is
approximately $10.9 million and, subject to final adjustments, the acquisition
was for $8.9 million cash.
"As has happened in the past on several occasions and for various reasons, some
of our franchisees have decided it is in their best interests to sell some of
their stores to the Company and then go forward and develop new additional
territories," Mr. Loudermilk continued. "The desire to continue as a franchisee
and open additional stores is an indication of the strength of our Aaron's Sales
& Lease Ownership program."
Aaron Rents, Inc. based in Atlanta, currently has more than 1,000 Company-
operated and franchised stores in 45 states, Canada, and Puerto Rico.
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