Aaron Rents buys 15 franchisee stores in Texas
By Furniture Today Staff -- Furniture Today, August 18, 2003
Atlanta — Aaron Rents has acquired 15 of its Aaron's Sales and Lease Ownership stores in Texas from franchise holders DPR Investments Ltd. and DPR Partnership Ltd.
Aaron said it paid $17.5 million in cash for the stores, which have annual revenue of about $19 million. Five of the stores are in El Paso, and others are in Killeen, McAllen, Laredo, Wichita Falls, Brownsville, Harlingen, Victoria, Del Rio and Weslaco.
DPR will still operate four franchise stores in Texas and has entered into area development agreements to open another six stores over the next several years.
"We continue to be in discussions with several other franchisees to purchase a number of their stores," said Charlie Loudermilk, Aaron's chairman and chief executive officer. "All franchise store acquisitions are expected to be accretive to earnings."
