Acquisitions reshape list of top RTO dealers

Article Abstract:

Renters Choice, based in Dallas, TX, made it to the No. 1 spot among rent-to-own businesses after it acquired two businesses for $1 billion. The company, which in the past trailed behind Thorn Americas, first purchased Central Rents for $103 million in cash in May 1998. Top-ranking Thorn was the second business acquired for $900 million in cash, bringing Thorn's Rent-A-Center, Remco and U-Can Rent chains under the business umbrella of Renters Choice. With the acquisitions, Renters Choice grew to be a chain of over 2,000 stores, more than $1 billion in annual revenue and rentals of over $400 million.

Comment:

Makes it to No. 1 spot among rent-to-own businesses after it acquired two businesses for $1 billion

Furniture Leasing & Rental, All Other Consumer Goods Rental, Furniture rental, Renters Choice Inc.

RTO chain Rainbow going public

Article Abstract:

Rainbow Rentals intends to sell 2.25 million common shares in its initial public offering. The shares represent approximately 38% of the 66-store chain's equity. The $55-million-a-year Rainbow Rentals expects that the offering will generate $10 to $12 a share or $22.5 million to $27 million. The firm also reported that proceeds from the sale will be used to pay its $10.9 million debt. The Canfield, OH-headquartered Rainbow, with stores in Pennsylvania, Ohio, Massachusetts, Tennessee, Michigan, New York, Connecticut and Rhode Island, sees growth as it posted $15.5 million in revenue for 1997.

Comment:

Intends to sell 2.25 million common shares in its initial public offering

Organizational history, Furniture Stores, Rainbow Rentals

Kennedy looks to expand

Article Abstract:

Merchandise Mart Properties of Chicago, IL, will acquire Market Square in High Point, MI. According to the company's spokesman Chris Kennedy, they are looking to expand the showroom complex in the home furnishings market because a number of exhibitors have been wanting to grow their space in the complex. Kennedy said that aside from the existing tenants who want to expand, more space is also needed to accomodate the expected exhibitors from other cities who are seeking space in High Point. Kennedy did not provide details on how much space will be added to Market Square.

Comment:

Will acquire Market Square in High Point, MI

Facilities & equipment, Real Estate Agents, Brokers, Managers, Real Estate, Real estate agents, Real estate management, Merchandise Mart Properties Inc.