Harris Williams Advises American Freight Group, Inc. on its Pending Sale to Franchise Group, Inc.
December 30 2019 - 9:08AM
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. American Freight is a leading value
furniture retailer with over 170 locations in the U.S. The
transaction is being led by John Neuner, Brent Spiller, William
McBride and Trey Shehan of the Harris Williams Consumer Group.
“It has been a pleasure to work with the American Freight
management team and TJC to find a partner that shares management’s
vision for continued growth and commitment to the strong value
proposition American Freight provides its customers,” said John
Neuner, a managing director at Harris Williams. “American Freight
is a great example of the success available in the retail sector
for brands that create the model and meet the needs of their core
customers.”
“American Freight has grown tremendously in recent years and
continues to navigate whitespace in new and existing markets,”
added Brent Spiller, a managing director at Harris Williams. “Their
partnership with Franchise Group represents an exciting phase for
both businesses and we look forward to following their next chapter
together.”
Since 1994, American Freight has helped customers save money on
quality furniture and mattresses. American Freight buys direct from
manufacturers and sells direct in warehouse-style stores. By
cutting out the middle-man and keeping its overhead costs low, it
can offer quality, new furniture and mattresses at the lowest
prices. 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. 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.
Founded in 1982, TJC is a middle market private equity firm that
has managed funds with original capital commitments in excess of
$11 billion and a 37-year track record of investing in and
contributing to the growth of many businesses across a wide range
of industries including industrials, transportation &
logistics, healthcare & consumer, and telecom, technology &
utilities. The senior investment team has been investing together
for over 20 years and is supported by the Operations Management
Group, which was established in 1988 to initiate and support
operational improvements in portfolio companies. Headquartered in
New York, TJC also has an office in Chicago.
Franchise Group is an operator of franchised and franchisable
businesses and uses its operating expertise to drive cost
efficiencies and grow its brands. Franchise Group’s business lines
include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet
and The Vitamin Shoppe. On a combined basis, Franchise Group
operates over 4,300 locations predominantly located in the U.S. and
Canada through company-run and franchising agreements.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Consumer Group has completed more than 60
transactions in recent years across a variety of verticals,
including branded consumer products; consumer services; food,
beverage and agribusiness; and restaurant and retail. For more
information on the Harris Williams Consumer Group and other recent
transactions, visit the Consumer Group’s section of the Harris
Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
For media inquiries, please contact Katie Langemeier, associate
brand manager, at +1 (804) 648-0072.
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version on businesswire.com: https://www.businesswire.com/news/home/20191230005218/en/
Katie Langemeier, associate brand manager, +1 (804) 648-0072
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