Aaron’s Agrees to Buy Major SE Appliance, Consumer Electronics Retailer

February 24, 2022  by HFBusiness Staff in Business Strategy, Industry   

Under terms of the agreement, Aaron’s will pay $230 million in cash for the company. The transaction is expected to close during the second quarter of this year.

Founded in 1977, BrandsMart has 10 stores in Florida and Georgia, in addition to a sizeable e-commerce business. For the twelve months ended December 25, 2021, BrandsMart generated revenues of $757 million and adjusted EBITDA of $46 million.

"We are thrilled to announce our agreement to acquire BrandsMart, which we believe strengthens Aaron's ability to deliver on our mission of enhancing people's lives by providing easy access to high-quality products through affordable lease and retail purchase options,” said Douglas Lindsay, Aaron’s CEO. “The acquisition is expected to provide meaningful value-creation opportunities, which include leveraging Aaron's lease-to-own expertise to provide BrandsMart customers enhanced payment options and offering a wide selection of BrandsMart's product assortment to millions of Aaron's customers.”

“Importantly, we believe the acquisition of BrandsMart will expand our addressable market and create an additional platform for accelerated growth," Lindsay added.

BrandsMart's President and CEO Michael Perlman said, "I am proud to share the momentous news that BrandsMart is joining the Aaron's family of companies. BrandsMart has been part of my family for over 45 years, and I am incredibly proud of our team and the success of the company we have built together. I am confident that the combined organization will benefit from our complementary strengths and will deliver growth opportunities and even greater value to our customers, employees and suppliers."

Upon closing of the transaction, the BrandsMart business will report to Aaron's President Steve Olsen, and continue to be headquartered in Ft. Lauderdale, Fla.