[The stores] are located in large population areas and this
acquisition will give us the opportunity to expand our
presence in these markets
R. Charles Loudermilk, Sr., Aaron Rents
Chairman and CEO
Aaron Rents (RNT)
announced the acquisition of six Aaron's Sales & Lease Ownership
Acquired stores avg monthly revenue
Multiple of monthly revenue paid by Aaron Rents for the 6
locations ($1.2 million per location)
"We are pleased to purchase these excellent
stores," said R. Charles Loudermilk, Sr., Chairman and Chief
Executive Officer of Aaron Rents. "They are located in large
population areas and this acquisition will give us the
opportunity to expand our presence in these markets by opening
additional Company-operated stores."
The stores were acquired from RNTL Holding, Inc., a
franchisee of Aaron's Sales & Lease Ownership since 1996. The
stores are located in Poughkeepsie, Schenectady, Albany, Troy,
Kingston, and Hudson, New York. In 2004 the combined revenues of
the six stores was $8.2 million and the purchase price was $7.3
million cash, subject to final adjustments. With this
acquisition, Aaron's Sales & Lease Ownership will have currently
six Company-operated stores and 18 franchised stores open in the
state of New York.
Aaron Rents now operates more than 1,045 Company- operated
and franchised stores in 45 states, Canada, and Puerto Rico.
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