FORT LAUDERDALE, Fla. – BrandsMart U.S.A., the Broward County-based appliance and electronics retailer, is in agreement to be acquired by The Aaron’s Company, the businesses announced.
The deal, estimated to be worth $230 million, is expected to close in the second quarter of 2022, said Atlanta-based Aaron’s, which specializes in lease-to-own retail.
BrandsMart, founded in 1977, has 10 retail stores in Florida and Georgia and said it plans to remain headquartered in Fort Lauderdale after the merger. Its corporate offices are at 3200 Southwest 42nd Street, between Fort Lauderdale-Hollywood International Airport and Seminole Hard Rock Hotel & Casino.
“BrandsMart has been part of my family for over 45 years, and I am incredibly proud of our team and the success of the company we have built together,” BrandsMart’s President and CEO Michael Perlman said in a statement. “I am confident that the combined organization will benefit from our complementary strengths and will deliver growth opportunities and even greater value to our customers, employees and suppliers.”
Aaron’s CEO Douglas Lindsay said in a company news release that the acquisition will allow “leveraging Aaron’s lease-to-own expertise to provide BrandsMart customers enhanced payment options and offering a wide selection of BrandsMart’s product assortment to millions of Aaron’s customers.”
Aaron’s says it has approximately 1,300 company-operated and franchised stores in 47 states and Canada.