M&A Deal Summary

Aaron s Acquires Progressive Finance Holdings

On April 15, 2014, Aaron s acquired financial services company Progressive Finance Holdings from Summit Partners for 700M USD

Acquisition Highlights
  • This is Aaron s’ 1st transaction in the Financial Services sector.
  • This is Aaron s’ largest (disclosed) transaction.
  • This is Aaron s’ 6th transaction in the United States.
  • This is Aaron s’ 1st transaction in Utah.

M&A Deal Summary

Date 2014-04-15
Target Progressive Finance Holdings
Sector Financial Services
Buyer(s) Aaron s
Sellers(s) Summit Partners
Deal Type Add-on Acquisition
Deal Value 700M USD
Advisor(s) BMO Capital Markets
Wunderlich Securities, Inc. (Financial)
Kirkland & Ellis (Legal)

Target

Progressive Finance Holdings

Draper, Utah, United States
Progressive Finance Holdings LLC is a provider of web-based lease-to-own financing programs for retailers. The company currently services more than 5,500 retailers across the United States.

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Buyer(S) 1

Buyer

Aaron s

Atlanta, Georgia, United States

Category Company
Founded 1955
Sector Retail
Employees9,071
Revenue 2.1B USD (2023)
DESCRIPTION
Entrance to Aaron Rents' corporate headquarters in Atlanta, Georgia.
Entrance to Aaron Rents' corporate headquarters in Atlanta, Georgia.

Aaron’s proivdes lease ownership and specialty retailing of residential furniture, consumer electronics, home appliances, and accessories. Aaron's has more than 2,130 Company-operated and franchised stores in 48 states and Canada. Aaron's was formed in 1955 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 6 of 7
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (Utah) 1 of 1
Country (United States) 6 of 7
Year (2014) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-31 Buzz s operated stores

Texas, United States

Buzz's operated stores,engages in the retail of furniture and appliances.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-22 HomeSmart

United States

HomeSmart offers home furniture including sofas, chairs, dining tables, as well as electronics, and appliances.

Sell -

Seller(S) 1

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 177 of 285
Sector (Financial Services) 4 of 8
Type (Add-on Acquisition) 83 of 127
State (Utah) 3 of 3
Country (United States) 167 of 246
Year (2014) 3 of 11
Size (of disclosed) 11 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-08 NetBrain

Burlington, Massachusetts, United States

NetBrain is a provider of the first map-driven network automation solution. Hundreds of enterprises rely on NetBrain’s unique map-driven automation software to accelerate troubleshooting and prevent network outages. Netbrain was founded in 2004 and is based in Burlington, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-22 WellCentive

Roswell, Georgia, United States

WellCentive, Inc. is a provider of healthcare intelligence solutions to healthcare organizations in the United States. It offers Advance Outcomes Manager, which collects, analyzes, and reports on administrative and clinical data.

Buy -