J.P. Morgan Securities is serving as lead financial advisor; Credit Suisse is serving as an additional financial advisor and Sullivan & Cromwell is serving as legal counsel to Rent-A-Center.
FT Partners is serving as sole strategic and financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Acima.
“We’re excited to welcome Acima to the Rent-A-Center family,” Mitch Fadel, CEO of Rent-A-Center, said. “Founder Aaron Allred and his team have created a leading virtual LTO solution for retailers and consumers. We all share a common vision to expand the virtual LTO offering across a broader set of retail partners and to meet the needs of more customers through an integrated omnichannel strategy. Acima will help us strengthen our organization, accelerate growth and increase our virtual partner base, allowing us to better serve more consumers with the flexibility of LTO.”
“This combination marries Acima’s advanced decisioning with Preferred Dynamix’s complementary and proprietary digital platform. The resulting set of fintech capabilities will support faster innovation, allowing us to bring aspirational brands to consumers across a broader set of e-commerce and retail partners,” Jason Hogg, executive vice president of Preferred Dynamix, said.
“We’re thrilled to be part of a Rent-A-Center team that’s modernizing LTO to serve the estimated over 60 million unbanked and underbanked consumers in the United States,” Allred said. “We share Mitch and Jason’s vision to create the most dynamic LTO omnichannel shopping experience in the industry.”