Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet and The Vitamin Shoppe. In connection with the signing of the Transaction, Franchise Group intends to sign a new $700 million credit facility with affiliates of Kayne Anderson Capital Advisors, L.P. (“Kayne”) and Great American Capital Partners, LLC (GACP), a subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), that will provide 100% of the financing needed for the Transaction, including the refinancing of the Company’s term loans for its Buddy’s Home Furnishings and Sears Outlet businesses (the “Financing”). Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support About American Freight The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. Franchise Group Inc. (FRG) agreed to buy American Freight Group Inc., a retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction valued at about $450 million from an affiliate of The Jordan Company, L.P. and other stockholders of American Freight. VIRGINIA BEACH, Va., Dec. 30, 2019 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”), today announced it has entered into a definitive agreement under which it will acquire American Freight Group, Inc. (“American Freight”), a retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction valued at approximately $450 million from an affiliate of The Jordan Company, L.P. and other stockholders of American Freight (the “Transaction”). American Freight is a retail chain offering furniture, mattresses and home accessories at unmatched prices. The Transaction is expected to be completed in the first quarter of … All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Acquiring Organization: Franchise Group Franchise Group, is committed to exceeding our … The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. On a combined basis, Franchise Group currently operates over 4,400 locations predominantly located in the … The company began in Canada in 1997 when John Hewitt, co-founder of Jackson Hewitt, acquired a Canadian tax franchisor, U&R Tax Depot.. The transaction is expected to close in the first quarter of 2020, following the completion of customary regulatory approvals and closing conditions. The Financing will close simultaneously with the Transaction. We expect that combining American Freight with our similarly large-format Sears Outlet business and our small-format Buddy’s Home Furnishings business will generate significant economic synergies over time that will be realized from leveraging corporate overhead, vendor and franchisee partnerships, operating methods, and a common customer base.”. Franchise Group, Inc. executed the acquisition of American Freight Group, Inc. in an all-cash transaction valued at approximately $450 million. American Freight is a deep value, category-defining furniture retail model with a compelling, proven track record of growth and stability throughout economic cycles.” Mr. Kahn continued, “American Freight’s unmatched cash-on-cash unit economics make it an attractive opportunity for franchisees to benefit from a clear whitespace growth opportunity. SoS/CoA code is a unique identification number assigned to business entities for Texas franchise tax records. With 176 stores and over 2 million satisfied customers, American Freight continues to grow while its mission remains the same: sell the best for less every day while delivering excellent customer service. American Freight buys direct from manufacturers and sells direct in warehouse-style stores. Franchise Group Announces New $700 million Financing. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. This press release contains forward-looking statements within the meaning of 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, those that contain, or are identified by, words such as “outlook”, “guidance”, “believes”, “expects”, “potential”, “continues”, “may”, “will”, “should”, “predicts”, “intends”, “plans”, “estimates”, “anticipates”, “could” or the negative version of these words or other comparable words. Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. By cutting out the middle-man and keeping its overhead costs low, it can offer quality, new furniture and mattresses at the lowest prices. Overview. Franchise Group, Inc. to Acquire American Freight Group, Inc., Stocks: FRG,RILY, release date:Dec 30, 2019 This press release contains forward-looking statements within the meaning of 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, those that contain, or are identified by, words such as “outlook”, “guidance”, “believes”, “expects”, “potential”, “continues”, “may”, “will”, “should”, “predicts”, “intends”, “plans”, “estimates”, “anticipates”, “could” or the negative version of these words or other comparable words. American Freight acquired by Franchise Group. Copyright © 2020 Franchise Group, Inc. All rights reserved. Franchise Group has completed an agreement to acquire American Freight in an all cash transaction valued at approximately $450 million from an affiliate of The Jordan Company.. On a combined basis, Franchise Group operates over 4,300 locations predominantly located in the U.S. and Canada through company-run and franchising agreements. With 176 stores and over 2 million satisfied customers, American Freight continues to grow while its mission remains the same: sell the best for less every day while delivering excellent customer service. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet, American Freight and The Vitamin Shoppe. Upon the closing of the Transaction, Franchise Group’s systemwide revenue, which is defined as total sales for both franchise and company units, will exceed $2.4 billion. Headquartered in New York, TJC also has an office in Chicago. It is the third largest tax preparation franchise in the United States. Since 1994, American Freight Furniture has helped customers save money on quality furniture and mattresses. The company began in Canada in 1997 when John Hewitt, co-founder of Jackson Hewitt, acquired a Canadian tax franchisor, U&R Tax Depot.. © 2020 GlobeNewswire, Inc. All Rights Reserved. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise. VIRGINIA BEACH, Va., Dec. 30, 2019 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”), today announced it has entered into a definitive agreement under which it will acquire American Freight Group, Inc. (“American Freight”), a retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction valued at approximately $450 million from an affiliate of The Jordan Company, L.P. and other stockholders of American Freight (the “Transaction”). B. Riley FBR, Inc. and Kayne acted as advisors for the Transaction. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, American Freight and The Vitamin Shoppe. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet , American Freight and The Vitamin Shoppe. Founded in 1982, TJC is a middle-market private equity firm that has managed funds with original capital commitments in excess of $11 billion and a 37-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including industrials, transportation & logistics, healthcare & consumer, and telecom, technology & utilities. INVESTOR RELATIONS CONTACT:Andrew F. KaminskyEVP & Chief Administrative OfficerFranchise Group, Inc.akaminsky@franchisegrp.com(914) 939-5161. American Freight is a low cost retailer of furniture and mattresses with over 170 locations in the United States. Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet and The Vitamin Shoppe. We expect that combining American Freight with our similarly large-format Sears Outlet business and our small-format Buddy’s Home Furnishings business will generate significant economic synergies over time that will be realized from leveraging corporate overhead, vendor and franchisee partnerships, operating methods, and a common customer base.”. VIRGINIA BEACH, Va., Dec. 30, 2019 -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”), today announced it has entered into a definitive agreement under. Harris Williams, a global investment bank specializing in M&A advisory services, announces that it is advising American Freight Group, Inc. (Ameri Franchise Group is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended April 30, 2019, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. THIS AGREEMENT AND PLAN OF MERGER is made as of December 28, 2019, by and among AMERICAN FREIGHT GROUP, INC., a Delaware corporation (the “Company”), FRANCHISE GROUP NEWCO INTERMEDIATE AF, LLC, a Delaware limited liability company (“Parent”) and FRANCHISE GROUP MERGER SUB AF, INC., a Delaware corporation (“Merger Sub”) and The Jordan Company, L.P., a Delaware … INVESTOR RELATIONS CONTACT:Andrew F. KaminskyEVP & Chief Administrative OfficerFranchise Group, Inc.akaminsky@franchisegrp.com(914) 939-5161. Brian Kahn, President & CEO of Franchise Group said, “We are proud to welcome American Freight, its management team and employees to the Franchise Group. Franchise Group (NASDAQ:FRG) strikes a deal to acquire American Freight Group from an affiliate of The Jordan Company for $450M. Brian Kahn, President & CEO of Franchise Group said, “We are proud to welcome American Freight, its management team and employees to the Franchise Group. Franchise Group, Inc. to Acquire American Freight Group, Inc. Readers are cautioned not to rely on the forward-looking statements contained in this press release. Franchise Group has completed an agreement to acquire American Freight Group, a discount retail chain offering brand-name furniture, mattresses and home accessories, in an all cash transaction valued at approximately $450 million from an affiliate of The Jordan Company and other stockholders of American Freight. Founded in 1982, TJC is a middle-market private equity firm that has managed funds with original capital commitments in excess of $11 billion and a 37-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including industrials, transportation & logistics, healthcare & consumer, and telecom, technology & utilities. American Freight buys direct from manufacturers and sells direct in warehouse-style stores. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet, American Freight and The Vitamin Shoppe.
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