ATLANTA, Oct. 3, 2024
/PRNewswire/ -- The Aaron's Company, Inc. ("The Aaron's
Company" or "Aaron's") (NYSE: AAN) and IQVentures Holdings, LLC
("IQVentures") today announced that they expect to complete the
previously announced acquisition by IQVentures of The Aaron's
Company later today. The acquisition was originally announced on
June 17, 2024, and approved by The
Aaron's Company shareholders on September
25, 2024. Upon completion of the transaction, The
Aaron's Company's common stock will cease trading and will no
longer be listed on the NYSE.
Advisors
J.P. Morgan Securities LLC is serving as exclusive financial
advisor to The Aaron's Company, and Jones
Day is serving as legal counsel. Stephens Inc. is serving as
exclusive financial advisor to IQVentures, and King & Spalding
LLP is serving as legal counsel.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The
Aaron's Company, Inc. is a leading, technology-enabled, omnichannel
provider of lease-to-own and retail purchase solutions of
appliances, electronics, furniture, and other home goods across its
brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven.
Aaron's offers a direct-to-consumer lease-to-own solution through
its approximately 1,210 Company-operated and franchised stores in
47 states and Canada, as well as
its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance
retailers in the country with 12 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. For more information,
visit investor.aarons.com, aarons.com, and brandsmartusa.com.
About IQVentures
Headquartered in the Columbus,
Ohio metropolitan area, IQVentures invests in and builds the
next generation of technology and companies that help shape the
future. IQVentures has substantial experience and expertise in all
aspects of consumer and business financing and leverages
proprietary technology and shared services to help drive value for
the companies it acquires. For more information, please visit
www.iqventures.com.
Forward Looking Statements
This news release contains forward-looking statements, including
statements regarding the proposed acquisition by IQVentures of The
Aaron's Company and the expected closing date of such acquisition.
Forward-looking statements are all statements other than those of
historical fact, and generally can be identified by the use of
forward-looking terminology, such as "believe," "expect,"
"expectation," "anticipate," "may," "could," "should," "intend,"
"seek," "estimate," "plan," "target," "project," "likely," "will,"
"forecast," "future," "outlook," or other similar words, phrases,
or expressions. These forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ
materially from those contained in the forward-looking statements.
These risks and uncertainties include (i) the ability of IQVentures
to obtain financing for the proposed transaction; (ii) potential
adverse reactions or changes to business relationships resulting
from the announcement, pendency or inability to complete the
proposed transaction on the expected timeframe or at all; (iii)
litigation relating to the proposed transaction; (iv) the inability
to retain key personnel, or potential diminished productivity due
to the impact of the proposed transaction on The Aaron's Company's
current and prospective employees, key management, customers,
suppliers, franchisees and business partners; and (v) the other
risks and uncertainties discussed under "Risk Factors" in The
Aaron's Company's most recent Annual Report on Form 10-K and in
other documents that The Aaron's Company files from time to time
with the SEC. Accordingly, you are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this news release. Except as required by law, the
parties undertake no obligation to update these forward-looking
statements to reflect subsequent events or circumstances after the
date of this news release.
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SOURCE The Aaron's Company, Inc.