Cash America International, Inc. (NYSE: CSH) today announced that it has completed the acquisition of a chain of 41 pawn lending locations in the State of Texas that operate primarily under the name of Top Dollar Pawn and were owned by TDP Superstores Corp. Cash America previously announced that it had signed a definitive agreement in connection with the acquisition in June with the intention of completing the transaction before the end of September.
Cash America now operates 298 of its 868 U.S. lending locations in Texas and management believes that the addition of these locations significantly enhances the Company’s presence in a number of important Texas markets, including 15 stores in Houston, 13 stores in Dallas-Fort Worth, 5 stores in San Antonio and 8 additional locations in other central Texas markets. Management expects that the acquisition will be immediately accretive to earnings; however, the incremental earnings from the additional operating locations will not materially affect its expectations, published July 25, 2013, for the final two quarters of fiscal 2013 which included the anticipated benefit of the acquisition.
The aggregate purchase consideration for the Top Dollar Pawn acquisition was approximately $103 million which was in line with the previously released expectations. The full amount of the consideration was paid in cash.
About the CompanyAs of June 30, 2013, Cash America International, Inc. operated 964 total locations offering specialty financial services to consumers, which included the following:
- 827 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
- 90 check cashing centers (all of which are unconsolidated franchised check cashing centers) operating in 14 states in the United States under the name “Mr. Payroll.”
- in 32 states in the United States at http://www.cashnetusa.com and http://www.netcredit.com;
- in the United Kingdom at http://www.quickquid.co.uk, and http://www.poundstopocket.co.uk;
- in Australia at http://www.dollarsdirect.com.au; and
- in Canada at http://www.dollarsdirect.ca.