A. Lee Graham
Cash America International Inc. has acquired a chain of 34 pawn lending locations in Georgia and North Carolina.
The stores, 31 in Georgia and three in North Carolina, were owned by PawnMart Inc. and operate primarily under the PawnMart brand in both markets.
The acquisition fulfills a previous announcement that Fort Worth-based Cash America had signed a definitive agreement in August 2013 paving the way for the newly announced deal.
Completion of the transaction sees Cash America operate 48 locations in Georgia and 20 locations in North Carolina.
The aggregate purchase consideration for the PawnMart acquisition totaled about $61 million, according to a company news release. The full amount of the consideration was paid in cash and funded through borrowings under Cash America’s credit line.
As of Sept. 30, 2013, Cash America International operated 995 total locations offering specialty financial services to consumers. Among those locations are 860 lending locations in 22 states in the United States primarily under the names Cash America Pawn, SuperPawn, Cash America Payday Advance and Cashland; 47 pawn lending locations in central and southern Mexico under the name Cash America casa de empeño; and 88 check-cashing centers operating in 13 states under the name Mr. Payroll.
More information is available at www.cashamerica.com.