BrandsMart customers will soon have a new option for purchasing their appliances and computers.
Lease-to-own retailer Aaron’s has entered into an agreement to acquire BrandsMart U.S.A. for approximately $230M in cash. Upon closing of the transaction, the BrandsMart business will report to Aaron’s President, Steve Olsen. It will continue to be headquartered in Fort Lauderdale, Florida.
Founded in 1977, BrandsMart is one of the leading appliance and consumer electronics retailers in the southeast US, with 10 stores in Florida and Georgia and a growing e-commerce business. The company offers a wide selection of brands and thousands of products, including large and small appliances, consumer electronics, computers, furniture and other home goods. For the twelve months ended 25 December, 2021, BrandsMart generated revenues of $757M.
The transaction is expected to result in a combined entity with annual revenues of more than $2.5bn, 11,000 employees, and the ability to serve the full spectrum of prime and sub-prime customers, Aaron’s said in a statement.
“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, CEO, Aaron’s, which operates approximately 1,300 company-operated and franchised stores in 47 states and Canada, as well as its e-commerce site.
