April 16, 2014

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Living Well
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Progressive Finance Holdings Acquired by Aaron's

Press Release

April 16, 2014

Draper — Aaron's, Inc. has acquired Draper-based Progressive Finance Holdings, LLC, a merchandise lease-to-own company from Summit Partners, in an all-cash transaction valued at approximately $700 million. Aaron's expects the transaction to be double digit accretive to cash earnings per share in 2014 and significantly more accretive in 2015.

Aaron's will operate Progressive as a wholly-owned subsidiary of Aaron's. John Robinson, Progressive's chief executive officer, will join the Aaron's executive leadership team as executive vice president and CEO of Progressive, reporting directly to Ronald W. Allen, chief executive officer of Aaron's.

"This is a highly complementary and transformative acquisition for Aaron's, and we are eager to capture the significant opportunities this combination will provide for our customers, franchisees, and shareholders," said Allen.  

Discussions about the acquisition began in May of last year.

Founded in 1999, Progressive offers point-of-sale lease and purchase programs to customers who do not qualify for traditional, FICO-based financing. Progressive's scalable software product provides automated lease processing. Progressive currently serves 5,500 retail partners with approximately 15,000 locations.

"We are extremely excited to join the Aaron's team and bring Progressive's unique lease purchase programs and customer-friendly interface to Aaron's customers," said John Robinson.  The transaction was financed through a combination of $200 million cash-on-hand, a $126 million senior debt facility, $300 million in private placement notes, and a revolving credit facility draw. The transaction was signed and closed simultaneously.

Utah Business Social
UB Events View All
CEO of the YearUtah Business Event
Mar 20, 2015
Utah Business Magazine and Presenting Sponsors - Holland & Hart and Newmark Grubb ACRES - are pro...
Job Summit 2015Utah Business Event
Apr 10, 2015
Position your company as a Premier Employer in today's competitive job market! Utah Business maga...
30 Women to WatchUtah Business Event
May 21, 2015
Utah Business magazine and Snell and Wilmer are proud to announce the 18th annual 30 Women To Wat...
Community Events View All
Advance Your HR Career by Building Credibility, Trust, and Professionalism
Mar 3, 2015
Even if you know your craft, do you know how to improve others’ perception of your ability and pr...
CEH - Certified Ethical Hacker
Mar 3, 2015
Learn to hack like a pro, while pleasing the boss! The ethical hacker is usually a trusted employ...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel