Aaron’s to be acquired by venture capital firm IQVentures

ATLANTA — The Aaron’s Company, an omnichannel provider of lease-to-own and retail purchase solutions for appliances, electronics, furniture and other home goods, has entered into a definitive agreement to be acquired by fintech organization IQVentures for $10.10 per share in cash, or an enterprise value of around $504 million.

The Aaron’s Company’s board of directors has unanimously approved the transaction, which is expected to close by the end of the year, pending shareholder and regulatory approvals, as well as other standard conditions. Financing is not a condition for this transaction.

Once completed, The Aaron’s Company will become privately held, and its stock will no longer be traded on the NYSE. After the closing, The Aaron’s Company will continue to operate under its current brand names and will keep its headquarters in Atlanta.

“We are pleased to announce this transaction with IQVentures, which delivers significant and immediate value to our shareholders,” said John W. Robinson III, chairman of the board of The Aaron’s Company. “The assistance of our financial and legal advisors, the board conducted a thorough review of our strategic options and ultimately determined that a sale to IQVentures represented the best way to maximize shareholder value.”

IQVentures provides market-driven solutions built on the latest emerging technologies and beneficial shared services for the entities it acquires.

“We believe that IQVentures’ resources and financial services expertise will help the Company achieve its long-term potential,” said Douglas Lindsay, CEO of The Aaron’s Company. “Together with IQVentures, The Aaron’s Company will be better positioned to accelerate its omnichannel strategy and operational efficiency initiatives.”

See also:

  • Aaron’s takes a hit in Q1, although in line with guidance
  • Aaron’s beats earnings expectations for second quarter of 2023

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