April 16, 2014

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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.

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