Rent-to-own News

Rent-to-own News - Aaron's corporate acquires 35 store franchisee

December 16, 2008

Aaron Rents today announced it has acquired in a cash transaction all the stores of Rosey Rentals, Aaron's second largest franchisee in business since 2003.

Rosey Rentals, owned by Brian Kahn, operated 35 Aaron's Sales & Lease Ownership franchised stores in six southeastern states with total annual revenues of approximately $45 million. The stores will now be Company-operated.

"As in the past, we continue to make acquisitions of franchisees when it is of mutual benefit," said Robert C. Loudermilk Jr. president and CEO of Aaron Rents. "Rosey Rentals has been a good franchisee and we hope to continue our relationship in some form in the future. This transaction should add approximately 3 percent to our top line growth in 2009 and is expected to be accretive to earnings."

Aaron Rents, based in Atlanta, currently has more than 1,535 Company-operated and franchised stores in 48 states and Canada. The Company's MacTavish Furniture Industries division manufactured approximately $73 million at cost of furniture and bedding at 12 facilities in five states in 2007. The entire production of MacTavish is for shipment to Aaron Rents stores.

mevans@rtohq.org

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