By Maria Saporta
Atlanta-based Aaron’s Inc., a leading lease-to-own retailer, announced Tuesday morning that it has acquired Progressive Finance Holdings, LLC, a leading virtual lease-to-own company, from Summit Partners in an all-cash transaction valued at about $700 million.
Aaron’s will operate Progressive as a wholly-owned subsidiary. John Robinson, Progressive’s CEO, will join the Aaron’s executive leadership team as executive vice president and CEO of Progressive, reporting directly to Ronald W. Allen, Aaron’s CEO.
“This is a highly complementary and transformative acquisition for Aaron’s, and we are eager to capture the significant opportunities this combination will provide for our customers, franchisees, and shareholders,” Allen said in the release.