ATLANTA AND FORT LAUDERDALE, FLA. — Atlanta-based furniture retailer The Aaron’s Co. Inc. has entered into a definitive agreement to acquire BrandsMart U.S.A. Founded in 1977, BrandsMart is one of the leading appliance and consumer electronics retailers in the Southeast, with 10 stores in Florida and Georgia. For the 12 months that ended Dec. 25, 2021, BrandsMart generated revenues of $757 million.
Total consideration is approximately $230 million in cash, subject to certain closing adjustments, and the transaction is expected to close in the second quarter of 2022.
Upon closing of the transaction, the BrandsMart business will report to Aaron’s president, Steve Olsen, and continue to be headquartered in Fort Lauderdale, Fla. Additionally, Aaron’s will acquire 100 percent of the outstanding equity interests of Interbond Corp. of America, which does business as BrandsMart U.S.A., from the Perlman family for consideration at closing of $230 million in cash, subject to certain post-closing adjustments.
BofA Securities Inc. is acting as financial advisor to Aaron’s and Jones Day is acting as legal advisor. Cassel Salpeter & Co. LLC is acting as financial advisor to BrandsMart and Cooley LLP is acting as legal advisor.