The Aaron’s Company recently entered into a definitive agreement – unanimously approved by its board of directors – to be acquired by venture capital organization IQVentures for about $504 million.
All of The Aaron’s Company brands – Aaron’s, BrandsMart U.S.A, BrandsMart Leasing, and Woodhaven – are included in the transaction, which is expected to close by year’s end, pending shareholder and regulatory approvals. Once complete, the company will be privately held with its stock no longer traded on the NYSE, but will retain its current operating brand names and its Atlanta, Georgia-based headquarters.
“We’re pleased to announce this transaction with IQVentures, which delivers significant and immediate value to our shareholders,” said John W. Robinson III, Chairman of The Aaron’s Company board. “With the assistance of our financial and legal advisors, the board conducted a thorough review of our strategic options and ultimately determined a sale to IQVentures represents the best way to maximize shareholder value.”
Headquartered in Columbus, Ohio, fintech IQVentures invests in the next generation of technology and future-oriented companies.
“We believe IQVentures’ resources and financial-services expertise will help the company achieve its long-term potential,” said The Aaron’s Company CEO Douglas Lindsay. “Together, it will be better positioned to accelerate its omnichannel strategy and operational efficiency initiatives, while continuing to enhance our customers’ lives by providing easy access to high-quality products through affordable lease and retail purchase options.”
“We admire The Aaron’s Company’s industry-leading position, and we look forward to applying our knowledge and resources to better serve its customers,” said IQVentures President Cory Miller. “Douglas and his team have transformed the company over the past few years, and we’re excited to work together to continue evolving the business.”
