EZCORP Increases Investment in Florida and Caribbean; Expands Pawnbroking Footprint to Include Luxury Offerings
05 Diciembre 2022 - 8:00AM
Business Wire
EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawnbroking
services in the United States and Latin America and retailer of
pre-owned, name-brand merchandise, today announced two investments
that highlight its continuing initiatives to expand its geographic
footprint and broaden its pawnbroking offerings.
The Company recently increased its investment in Founders One,
LLC, a private company that owns a majority interest in Simple
Management Group, Inc. (SMG). This increased investment (comprised
of a $15 million preferred equity contribution and a $15 million
loan), along with other third-party financing secured by SMG, was
used by SMG to acquire 100% of the outstanding capital stock of FFI
Holdings, Inc., which owns 52 pawnbroking stores in Florida and
Puerto Rico operating under the “La Familia” or “Family Financial”
brand. That acquisition was completed on December 2, 2022, and with
it, SMG now owns and operates a total of 73 pawnbroking stores (42
in the Caribbean and 31 in Florida). Additional information about
the Company’s increased investment in Founders One can be found in
its Current Report on Form 8-K, dated December 2, 2022, filed with
the Securities and Exchange Commission.
EZCORP also recently acquired a luxury pawnbroking business in
Las Vegas operating under the name “Max Pawn” and established a
joint venture with Michael Mack, the former owner of Max Pawn. The
joint venture will focus on the luxury goods space in Las Vegas and
other selected markets across the U.S. In connection with the
acquisition, Mr. Mack has joined EZCORP to lead the Company’s new
Luxury Pawn Division.
“We continue to execute on exciting inorganic strategic
opportunities to expand our core pawnbroking business in both
existing and new geographic regions. Our increased investment in
Founders One gives us enhanced exposure to the strategically
important Caribbean region along with increased exposure to the
Florida market,” said Lachie Given, Chief Executive Officer of
EZCORP. “Additionally, our new Luxury Pawn Division will
significantly enhance our existing pawnbroking offerings by
providing dedicated and targeted focus on higher-end products in
order to serve more customers, in more places, and in more
categories. Together, these new investments strengthen and expand
our pawnbroking offerings and broaden the geographic reach of our
core pawnbroking business.”
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn
transactions in the United States and Latin America. We also sell
merchandise, primarily collateral forfeited from pawn operations
and pre-owned merchandise purchased from customers. We are
dedicated to satisfying the short-term cash needs of consumers who
are both cash and credit constrained, focusing on an
industry-leading customer experience. EZCORP is traded on NASDAQ
under the symbol EZPW and is a member of the Russell 2000 Index,
S&P 1000 Index and Nasdaq Composite Index.
Follow EZCORP on Instagram and LinkedIn.
FORWARD LOOKING STATEMENTS
This announcement contains certain forward-looking statements
regarding the company’s strategy, initiatives and expected
performance. These statements are based on the Company’s current
expectations as to the outcome and timing of future events. All
statements, other than statements of historical facts, including
all statements regarding the company's strategy, initiatives and
future performance, that address activities or results that the
company plans, expects, believes, projects, estimates or
anticipates, will, should or may occur in the future, including
future financial or operating results, are forward-looking
statements. Actual results for future periods may differ materially
from those expressed or implied by these forward-looking statements
due to a number of uncertainties and other factors, including
operating risks, liquidity risks, legislative or regulatory
developments, market factors, current or future litigation and
risks associated with the COVID-19 pandemic. For a discussion of
these and other factors affecting the Company’s business and
prospects, see the Company’s annual, quarterly and other reports
filed with the Securities and Exchange Commission. The Company
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time.
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Media Contact EZCORP Emily Metcalfe – Senior Manager,
Corporate Communications Phone: 512.673.9444 Email:
media@ezcorp.com
Investor Contact
Email: Investor_Relations@ezcorp.com Phone: 512.314.2220
Jean Marie Young Managing Director, Three Part Advisors Three
Part Advisors Email: jyoung@threepa.com Phone:
631.418.4339
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