Cash America to acquire 34-store pawn shop chain
Fort Worth-based Cash America International agreed to buy the assets of PawnMart, a chain with 31 pawn shops in Georgia and three in North Carolina, for about $62 million in cash. The stores had $10.7 million in pawn loan balances outstanding as of Dec. 31. The move will nearly triple Cash America's presence in and around Atlanta, giving it 48 locations in that metro area. The North Carolina stores are in Charlotte.
"Adding this well-run group of pawn stores and talented team will enhance our pawn business for many years to come," Cash America CEO Dan Feehan said in a prepared release. The deal is expected to close in the fourth quarter. Cash America currently has 827 pawn stores in 22 states, 47 in Mexico and 90 check-cashing centers in 14 states.
-- Jim Fuquay