Wessel continued, “With the tremendous growth in the retail POS finance and buy now pay later space, AFF is an ideal partner for FirstCash, bringing a highly profitable and scaled platform with industry leading LTO and retail finance capabilities, a large and highly reputable merchant base and an experienced management team. Building on the complementary strengths of FirstCash and American First Finance, this transaction diversifies us beyond our core pawn business with the addition of a fast-growing segment that significantly expands our customer base and introduces a scalable, technology-driven product set into our organization.” Rick Wessel, FirstCash Chief Executive Officer and Vice-Chairman of the Board stated, “Since our founding more than 30 years ago and through the merger of First Cash and Cash America in 2016, we have successfully executed on our growth strategy and established FirstCash as a leading retailer and provider of financial services to underserved consumers, while delivering significant value to shareholders. AFF serves customers through its differentiated omnichannel strategy, utilizing sophisticated underwriting models and its e-commerce capabilities. AFF is the fourth largest provider of POS payment solutions to underserved retail customers in the U.S. The addition of American First Finance launches FirstCash into the large and growing point-of-sale (“POS”) and buy now pay later payment space, which is estimated to have a $600 billion total addressable market 1. Up to an additional $300 million of consideration is payable in the event AFF achieves certain performance targets through the first half of 2023. Under the terms of the agreement, the total consideration payable at closing is valued at approximately $1.17 billion, based on FirstCash’s closing stock price on October 26, 2021, consisting of approximately 8.05 million shares of common stock and $406 million in cash, subject to a net debt adjustment. (“American First Finance” or “AFF”), a rapidly growing, technology-driven virtual lease-to-own (“LTO”) and retail finance provider focused on underserved, non-prime customers. and Latin America, today announced that it has entered into a definitive agreement to acquire American First Finance, Inc. (the “Company”) (Nasdaq: FCFS), the leading international operator of over 2,800 retail pawn stores in the U.S. 28, 2021 (GLOBE NEWSWIRE) - FirstCash, Inc. $1.17 Billion Stock and Cash Transaction Expected to be Significantly Accretive to EBITDA and EPSĬompanies to Host Conference Call Today at 8:30 a.m. Provides Significant Revenue and Earnings Growth Opportunity Establishes FirstCash’s Entry into Large and Growing Point-of-Sale Payments Market
0 kommentar(er)
