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TheStreet Open House

DFC Global Corp. Completes Acquisition Of Pawn Store Chain In Spain

Stock quotes in this article: DLLR

DFC Global Corp. (NASDAQ:DLLR), a leading international diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years, today announced the acquisition of Super Efectivo, which provides pawn loans in Spain. Super Efectivo S.L., founded in 2006, operates a chain of eight stores predominantly in Madrid. The acquired stores primarily offer pawn lending on gold jewelry and gold buying services. The total purchase price of the transaction at closing was approximately $5.1 million in addition to payment for the value of the pawn pledge inventory. The trailing twelve months EBITDA for the acquired stores was approximately $1.5 million at the closing of the transaction.

Commenting on the acquisition, Jeff Weiss, the Company’s Chairman and Chief Executive Officer, stated, “We are excited to enter the Spanish market, with a population of 47 million people and a majority of the population working in service sector jobs, which nicely fits with our target ALICE (Asset Limited, Income Constrained, Employed) and ARTI (Asset Rich, Temporarily Illiquid) demographics. Pawn lending is one of the oldest, most understood and generally accepted businesses around the world and in many countries like Spain, is a primary source of credit for a variety of socio-economic groups. The pawn lending industry in Spain is very fragmented and mainly composed of small store chain establishments. We believe this acquisition provides an initial entry point into Spain with an opportunity to further expand our presence through additional store acquisitions supplemented with de novo store development. Furthermore, when combined with our “Suttons and Robertsons” and “Robert Biggar” pawn store chains in England and Scotland, the approximately 450 “Money Shop” branded stores across the United Kingdom, our more than 30 pawn lending stores in Sweden and Finland operating under the brand names “Sefina” and “Helsingin Pantti”, and seven “Money Now” stores in Poland, the acquisition of “Super Efectivo” is just another step in bolstering our position as the leading secured pawn lender in Europe.”

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