The Aaron's Company, Inc. completed the acquisition of Interbond Corporation of America from Michael Perlman and family for $230 million.
April 31, 2022
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The Aaron's Company, Inc. (NYSE:AAN) entered into definitive agreement to acquire Interbond Corporation of America from Michael Perlman and family for $230 million on February 23, 2022. The total consideration is approximately $230 million in cash, subject to certain closing adjustments. The transaction is intended to be funded through a combination of cash on hand and debt financing. In connection with the transaction, Aaron's has secured a $200 million financing commitment from Truist Bank, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Citizens Bank, N.A., each of which is a lender in our existing senior unsecured credit facility. The financing commitment is expected to be structured as a term loan, maturing on November 9, 2025, with an initial interest rate of SOFR (Secured Overnight Financing Rate) plus 1.75%. For the twelve months ended December 25, 2021, BrandsMart generated revenues of $757 million and Adjusted EBITDA of $46 million. BrandsMart team are welcomed to join Aaron's family. Upon closing of the transaction, the BrandsMart business will report to Aaron's President, Steve Olsen, and continue to be headquartered in Ft. Lauderdale, FL. The transaction remains subject to customary closing conditions, including obtaining applicable regulatory approvals. The transaction is expected to close in the second quarter of 2022. The transaction is expected to be accretive to 2022 Adjusted EBITDA and non-GAAP EPS. Aaron's expects to maintain its current dividend policy and continue opportunistically repurchasing shares under its existing authorization. The Agreement also contains customary termination provisions, including the right of either Aaron’s or the Sellers’ Representative to terminate the Agreement if the Acquisition has not been consummated by May 24, 2022. BofA Securities, Inc. acted as financial advisor and Darcy White of Jones Day acted as legal advisor to The Aaron's Company. Cassel Salpeter & Co., LLC acted as financial advisor and Daniel Peale of Cooley LLP acted as legal advisor to Interbond Corporation of America.
The Aaron's Company, Inc. (NYSE:AAN) completed the acquisition of Interbond Corporation of America from Michael Perlman and family on April 1, 2022.
The Aaronâs Company, Inc. is a technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions for appliances, electronics, furniture, and other home goods across its brands, including Aaronâs, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. The Company offers a direct-to-consumer lease-to-own solution through its approximately 1,240 Company-operated and franchised stores in 47 states and Canada, as well as its own e-commerce platform. BrandsMart U.S.A. is an appliance retailer in the country with about 11 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. The Companyâs business segment consists of Aaron's branded Company-operated and franchise-operated stores; aarons.com e-commerce platform (aarons.com); Woodhaven; and BrandsMart Leasing (collectively Aaronâs Business).
THE AARON'S COMPANY, INC. 
