Aaron acquires Rosey stores
By Furniture Today Staff -- Furniture Today, December 21, 2008
ATLANTA — Rent-to-own major Aaron Rents said it has acquired all 35 stores operated by its second-largest franchisee, Rosey Rentals.
Rosey Rentals had 35 Aaron's Sales and Lease Ownership stores in six Southeastern states with annual revenues of about $45 million, according to Aaron.
Most of the company's stores are in North Carolina and Virginia.
Terms of the transaction were not disclosed.
“As in the past, we continue to make acquisitions of franchisees when it is of mutual benefit,” said Robert Loudermilk Jr., president and CEO.
“Rosey Rentals has been a good franchisee and we hope to continue our relationship in some form in the future.”
He said the acquisition should add about 3% to Aaron's top line in 2009 and should be accretive to earnings.
The company has about 1,535 company-owned and franchised stores in 48 states and Canada.
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