(RTTNews) - Franchise Group Inc. (FRG) agreed to buy American Freight Group Inc., a retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction valued at about $450 million from an affiliate of The Jordan Company, L.P. and other stockholders of American Freight.
Franchise Group's systemwide revenue will exceed $2.4 billion following the closing of the deal.
The Transaction is expected to be completed in the first quarter of 2020.
Franchise Group plans to sign a new $700 million credit facility with affiliates of Kayne Anderson Capital Advisors, L.P. and Great American Capital Partners, LLC (GACP), a subsidiary of B. Riley Financial, Inc. (RILY), that will provide 100% of the financing needed for the Transaction.
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