Franchise Group To Buy American Freight Group In $450 Mln Deal. American Freight offers same-day delivery on all in-stock items with flexible payment options including free layaway and take it home today for $50 with low, easy payment plans. We expect that combining American Freight with our similarly large-format Sears Outlet business and our small-format Buddy’s Home Furnishings business will generate significant economic synergies over time that will be realized from leveraging corporate overhead, vendor and franchisee partnerships, operating methods, and a common customer base.”. THIS AGREEMENT AND PLAN OF MERGER is made as of December 28, 2019, by and among AMERICAN FREIGHT GROUP, INC., a Delaware corporation (the “Company”), FRANCHISE GROUP NEWCO INTERMEDIATE AF, LLC, a Delaware limited liability company (“Parent”) and FRANCHISE GROUP MERGER SUB AF, INC., a Delaware corporation (“Merger Sub”) and The Jordan Company, L.P., a Delaware … Franchise Group Inc. has agreed to acquire American Freight Group Inc., a Delaware, Ohio-based retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction for approximately $450 million from an affiliate of New York PE firm The Jordan Company L.P. and other stockholders of American Freight. The company began in Canada in 1997 when John Hewitt, co-founder of Jackson Hewitt, acquired a Canadian tax franchisor, U&R Tax Depot.. With 176 stores and over 2 million satisfied customers, American Freight continues to grow while its mission remains the same: sell the best for less every day while delivering excellent customer service. Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. The Transaction is expected to be completed in the first quarter of 2020, subject to the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other customary closing conditions. Franchise Group, the parent of Buddy’s Home Furnishings is moving deeper into the furniture industry with the acquisition of Top 100 company American Freight … The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. INVESTOR RELATIONS CONTACT:Andrew F. KaminskyEVP & Chief Administrative OfficerFranchise Group, Inc.akaminsky@franchisegrp.com(914) 939-5161. A leading value furniture retailer in the U.S. A portfolio company of The Jordan Company Has been acquired by Franchise Group, Inc. VIRGINIA BEACH, Va., Dec. 30, 2019 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”), today announced it has entered into a … RICHMOND, Va.–(BUSINESS WIRE)–Harris Williams, a global investment bank specializing in M&A advisory services, announces that it is advising American Freight Group, Inc. (American Freight), a portfolio company of The Jordan Company (TJC), on its pending sale to Franchise Group, Inc. (Franchise Group; Nasdaq: FRG) in an all cash transaction valued at approximately $450 million. © 2020 GlobeNewswire, Inc. All Rights Reserved. By cutting out the middle-man and keeping its overhead costs low, it can offer quality, new furniture and mattresses at the lowest prices. Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. And franchisable businesses and uses its operating expertise to drive cost efficiencies grow. Of 2020, following the completion of customary regulatory approvals and closing conditions $ 450.. 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