|
RAPAPORT... Cash America International Inc. signed a purchase agreement to buy all of the assets of a chain of 34 pawn lending locations from PawnMart Inc. for approximately $62 million cash. When completed, the transaction will add 31 pawn lending locations in Georgia and three locations in North Carolina to Cash America’s presence in both states. The closing is subject to the satisfaction of certain closing conditions and licensing and regulatory approvals. Stores in Georgia operate primarily in and around the Atlanta metropolitan area where Cash America currently operates 17 pawn lending locations. In addition, the purchase adds three stores in Charlotte, North Carolina to Cash America's existing group of 16 pawn lending locations in that state. The 34 locations had approximately $10.7 million in pawn loan balances as of December 31, which was the most recently reporting period, according to Cash America. Two weeks ago, Cash America completed a planned acquisition of a chain of 41 pawn lending locations in Texas for approximately $103 million in cash. Those locations were operated as Top Dollar Pawn and owned by TDP Superstores Corporation. The purchase included 15 stores in Houston, 13 stores in the Dallas and Fort Worth metropolitan area, five stores in San Antonio and eight additional locations in other central Texas markets. Daniel R. Feehan, the CEO of Cash America said the company was excited to add established pawn lending locations in prospective markets. ''Adding this well run group of pawn stores and talented team will enhance our pawn business for many years to come.'' Cash America reported a profit of $25.1 million for the second quarter that ended on June 30, down from a profit of $29.8 million in the prior year. Revenue was flat for the period at $411 million.
|