THIS AGREEMENT AND PLAN OF MERGER is made as of December 28, 2019, by and among AMERICAN FREIGHT GROUP, INC., a Delaware corporation (the “Company”), FRANCHISE GROUP NEWCO INTERMEDIATE AF, LLC, a Delaware limited liability company (“Parent”) and FRANCHISE GROUP MERGER SUB AF, INC., a Delaware corporation (“Merger Sub”) and The Jordan Company, L.P., a Delaware … Franchise Group (NASDAQ: FRG) strikes a deal to acquire American Freight Group from an affiliate of The Jordan Company for $450M. Readers are cautioned not to rely on the forward-looking statements contained in this press release. B. Riley FBR, Inc. and Kayne acted as advisors for the Transaction. Franchise Group (NASDAQ:FRG) strikes a deal to acquire American Freight Group from an affiliate of The Jordan Company for $450M. Forward-looking statements may include, but are not limited to, statements relating to the Transaction, including synergies and anticipated benefits resulting therefrom; the product offerings of the Company if the Transaction is consummated and the Financing, which is subject to various significant risks and uncertainties, many of which are outside of the control of the Company. Riley Financial, Inc.) "Our role in the successful closing of Franchise Group's acquisition of American Freight demonstrates the power of our collective platform and our ability to provide a diverse set of end-to-end capabilities to support our partners," said Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial. Brian Kahn, President & CEO of Franchise Group said, “We are proud to welcome American Freight, its management team and employees to the Franchise Group. We expect that combining American Freight with our similarly large-format Sears Outlet business and our small-format Buddy’s Home Furnishings business will generate significant economic synergies over time that will be realized from leveraging corporate overhead, vendor and franchisee partnerships, operating methods, and a common customer base.”. The Transaction is expected to be completed in the first quarter of … AGREEMENT AND PLAN OF MERGER THIS AGREEMENT AND PLAN OF MERGER is made as of December 28, 2019, by and among AMERICAN FREIGHT GROUP, INC., a Delaware corporation (the “Company”), FRANCHISE GROUP NEWCO INTERMEDIATE AF, LLC, a Delaware limited liability company (“Parent”) and FRANCHISE GROUP MERGER SUB AF, INC., a Delaware corporation (“Merger Sub”) and … Franchise Group Announces New $700 million Financing. Franchise Group, Inc. to Acquire American Freight Group, Inc., Stocks: FRG,RILY, release date:Dec 30, 2019 INVESTOR RELATIONS CONTACT:Andrew F. KaminskyEVP & Chief Administrative OfficerFranchise Group, Inc.akaminsky@franchisegrp.com(914) 939-5161. American Freight acquired by Franchise Group. Franchise Group, Inc. executed the acquisition of American Freight Group, Inc. in an all-cash transaction valued at approximately $450 million. Find a DPD Pickup near you: Please enter your address, postcode, city or a search term. RICHMOND, Va.–(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. Franchise Group Inc. has agreed to acquire American Freight Group Inc., a Delaware, Ohio-based retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction for approximately $450 million from an affiliate of New York PE firm The Jordan Company L.P. and other stockholders of American Freight. American Freight is a deep value, category-defining furniture retail model with a compelling, proven track record of growth and stability throughout economic cycles.” Mr. Kahn continued, “American Freight’s unmatched cash-on-cash unit economics make it an attractive opportunity for franchisees to benefit from a clear whitespace growth opportunity. American Freight is a leading value furniture retailer with over 170 locations in the U.S. For more information visit: www.thejordancompany.com. Franchise Group Inc. has agreed to acquire American Freight Group Inc., a Delaware, Ohio-based retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction for approximately $450 million from an affiliate of New York PE firm The Jordan Company L.P. and other stockholders of American Freight. B. Riley FBR, Inc. and Kayne acted as advisors for the Transaction. SoS/CoA code is a unique identification number assigned to business entities for Texas franchise tax records. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise. A leading value furniture retailer in the U.S. A portfolio company of The Jordan Company Has been acquired by Franchise Group, Inc. Upon the closing of the Transaction, Franchise Group’s systemwide revenue, which is defined as total sales for both franchise and company units, will exceed $2.4 billion. By cutting out the middle-man and keeping its overhead costs low, it can offer quality, new furniture and mattresses at the lowest prices. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support The company began in Canada in 1997 when John Hewitt, co-founder of Jackson Hewitt, acquired a Canadian tax franchisor, U&R Tax Depot.. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. American Freight Furniture, Mattress, Appliance, or American Freight, is a US retail company that sells furniture, mattresses and home appliances.The company's history dates to 1968, when Sears established a surplus store in Kansas City, Missouri, which later became Sears Outlet; and 1994 when Steve Belford established American Freight Furniture & Mattress in Lima, Ohio 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. About American Freight. 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, Inc is an American holding company that owns retail companies and companies that specialize in the preparation of tax returns. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended April 30, 2019, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Franchise Group, Inc. to Acquire American Freight Group, Inc. We expect that combining American Freight with our similarly large-format Sears Outlet business and our small-format Buddy’s Home Furnishings business will generate significant economic synergies over time that will be realized from leveraging corporate overhead, vendor and franchisee partnerships, operating methods, and a common customer base.”. VIRGINIA BEACH, Va., Dec. 30, 2019 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”), today announced it has entered into a definitive agreement under which it will acquire American Freight Group, Inc. (“American Freight”), a retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction valued at approximately $450 million from an affiliate of The Jordan Company, L.P. and other stockholders of American Freight (the “Transaction”). Great American Freight, Inc. is a Texas Profit Corporation with communication address of 207 S Getty St, Uvalde, TX.Great American Freight, Inc. is registered for Texas Franchise Tax and its taxpayer number is 12017762217. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet, American Freight and The Vitamin Shoppe. Summary. VIRGINIA BEACH, Va., Dec. 30, 2019 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”), today announced it has entered into a … All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Franchise Group To Buy American Freight Group In $450 Mln Deal. Its business lines include Liberty Tax Service, Buddy's Home Furnishings, Sears Outlet, American Freight and The Vitamin Shoppe. About American Freight It is the third largest tax preparation franchise in the United States. 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. Readers are cautioned not to rely on the forward-looking statements contained in this press release. American Freight buys direct from manufacturers and sells direct in warehouse-style stores. Brian Kahn, President & CEO of Franchise Group said, “We are proud to welcome American Freight, its management team and employees to the Franchise Group. For more information visit: www.thejordancompany.com. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. © 2020 GlobeNewswire, Inc. All Rights Reserved. The transaction is expected to close in the first quarter of 2020, following the completion of customary regulatory approvals and closing conditions. American Freight is a deep value, category-defining furniture retail model with a compelling, proven track record of growth and stability throughout economic cycles.” Mr. Kahn continued, “American Freight’s unmatched cash-on-cash unit economics make it an attractive opportunity for franchisees to benefit from a clear whitespace growth opportunity. Franchise Group is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. Copyright © 2020 Franchise Group, Inc. All rights reserved. Acquiring Organization: Franchise Group Franchise Group, is committed to exceeding our … By cutting out the middle-man and keeping its overhead costs low, it can offer quality, new furniture and mattresses at the lowest prices. Franchise Group, Inc. to Acquire American Freight Group, Inc. B. Riley Financial logo (PRNewsFoto/B. Franchise Group's business lines include Liberty Tax Service, Buddy's Home Furnishings, Sears Outlet, American Freight and The Vitamin Shoppe. American Freight Group … American Freight is a low cost retailer of furniture and mattresses with over 170 locations in the United States. The company began in Canada in 1997 when John Hewitt, co-founder of Jackson Hewitt, acquired a Canadian tax franchisor, U&R Tax Depot.. 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. VIRGINIA BEACH, Va., Dec. 30, 2019 -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”), today announced it has entered into a definitive agreement under. American Freight is a retail chain offering furniture, mattresses and home accessories at unmatched prices. Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. About Franchise Group, Inc. Brian Kahn, President & CEO of Franchise Group said, “We are proud to welcome American Freight, its management team and employees to the Franchise Group. Franchise Group to Buy American Freight Group Inc. December 31, 2019 by Laurie Northington in Business Strategy , Industry Franchise Group, Inc. ( NASDAQ: FRG ) has announced a definitive agreement to purchase American Freight Group, Inc. , a retail chain offering brand-name furniture, mattresses and home accessories at discount 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. Since 1994, American Freight Furniture has helped customers save money on quality furniture and mattresses. 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. In connection with the signing of the Transaction, Franchise Group intends to sign a new $700 million credit facility with affiliates of Kayne Anderson Capital Advisors, L.P. (“Kayne”) and Great American Capital Partners, LLC (GACP), a subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), that will provide 100% of the financing needed for the Transaction, including the refinancing of the Company’s term loans for its Buddy’s Home Furnishings and Sears Outlet businesses (the “Financing”). The Financing will close simultaneously with the Transaction. Franchise Group, Inc is an American holding company that owns retail companies and companies that specialize in the preparation of tax returns. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, American Freight and The Vitamin Shoppe. 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. Additional factors that could cause actual results to differ materially from forward-looking statements include, among others, the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the business and stock price of the Company; the risk of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the Transaction on the ability of the Company and American Freight to retain and hire key personnel and maintain relationships with their customers, suppliers, partners and others with whom they do business, or on their respective operating results and business generally; risks associated with the diversion of management’s attention from ongoing business operations due to the Transaction; legal proceedings related to the Transaction; costs, charges or expenses resulting from the Transaction; the franchising of the American Freight business; and the ability of the Company to implement and execute on its franchise-centric business model; the strength of the economy; changes in the overall level of consumer spending; the performance of the products and services of the Company and American Freight within the prevailing retail or other business environment; implementation of the strategy of the Company and American Freight; management changes; maintaining appropriate levels of inventory; changes in tax policy; ecommerce relationships; disruptions of repair and distribution facilities or information systems; or the failure to satisfy any of the other conditions to the completion of the Transaction. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, Sears Outlet , American Freight and The Vitamin Shoppe. American Freight buys direct from manufacturers and sells direct in warehouse-style stores. The Transaction is expected to be completed in the first quarter of 2020, subject to the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other customary closing conditions. American Freight buys direct from manufacturers and sells direct in warehouse-style stores. Brian Kahn, President & CEO of Franchise Group said, “We are proud to welcome American Freight, its management team and employees to the Franchise Group. Franchise Group has completed an agreement to acquire American Freight Group, a discount retail chain offering brand-name furniture, mattresses and home accessories, in an all cash transaction valued at … Franchise Group has completed an agreement to acquire American Freight Group, a discount retail chain offering brand-name furniture, mattresses and home accessories, in an all cash transaction valued at approximately $450 million from an affiliate of The Jordan Company and other stockholders of American Freight. In connection with the signing of the Transaction, Franchise Group intends to sign a new $700 million credit facility with affiliates of Kayne Anderson Capital Advisors, L.P. (“Kayne”) and Great American Capital Partners, LLC (GACP), a subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY), that will provide 100% of the financing needed for the Transaction, including the refinancing of the Company’s term loans for its Buddy’s Home Furnishings and Sears Outlet businesses (the “Financing”). Save. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from historical results and any future results, performance or achievements expressed or implied by such forward-looking statements. 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. American Freight is a retail chain offering furniture, mattresses and home accessories at unmatched prices. Harris Williams, a global investment bank specializing in M&A advisory services, announces that it is advising American Freight Group, Inc. (Ameri On a combined basis, Franchise Group currently operates over 4,400 locations predominantly located in the U.S. and Canada that are either Company-run or operated pursuant to franchising agreements. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise. Franchise Group consummated a $675 million debt financing to fund the acquisition of American Freight, as well as refinance its existing credit facilities at Franchise Group’s Buddy’s Home Furnishings and Sears Outlet subsidiaries. The Financing will close simultaneously with the Transaction. Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended April 30, 2019, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. 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. 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. VIRGINIA BEACH, Va., Dec. 30, 2019 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”), today announced it has entered into a definitive agreement under which it will acquire American Freight Group, Inc. (“American Freight”), a retail chain offering brand-name furniture, mattresses and home accessories at discount prices, in an all cash transaction valued at approximately $450 million from an affiliate of The Jordan Company, L.P. and other stockholders of American Freight (the “Transaction”). Additional factors that could cause actual results to differ materially from forward-looking statements include, among others, the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the business and stock price of the Company; the risk of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the Transaction on the ability of the Company and American Freight to retain and hire key personnel and maintain relationships with their customers, suppliers, partners and others with whom they do business, or on their respective operating results and business generally; risks associated with the diversion of management’s attention from ongoing business operations due to the Transaction; legal proceedings related to the Transaction; costs, charges or expenses resulting from the Transaction; the franchising of the American Freight business; and the ability of the Company to implement and execute on its franchise-centric business model; the strength of the economy; changes in the overall level of consumer spending; the performance of the products and services of the Company and American Freight within the prevailing retail or other business environment; implementation of the strategy of the Company and American Freight; management changes; maintaining appropriate levels of inventory; changes in tax policy; ecommerce relationships; disruptions of repair and distribution facilities or information systems; or the failure to satisfy any of the other conditions to the completion of the Transaction. Headquartered in New York, TJC also has an office in Chicago. 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. This press release contains forward-looking statements within the meaning of 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, those that contain, or are identified by, words such as “outlook”, “guidance”, “believes”, “expects”, “potential”, “continues”, “may”, “will”, “should”, “predicts”, “intends”, “plans”, “estimates”, “anticipates”, “could” or the negative version of these words or other comparable words. Franchise Group consummated a $675 million debt financing to fund the acquisition of American Freight, as well as refinance its existing credit facilities at Franchise Group’s Buddy’s Home Furnishings and Sears Outlet subsidiaries. Franchise Group, Inc. (NASDAQ: FRG) has announced a definitive agreement to purchase American Freight Group, Inc., a retail chain offering brand-name furniture, mattresses and home accessories at discount prices. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from historical results and any future results, performance or achievements expressed or implied by such forward-looking statements. The transaction is expected to close in the first quarter of 2020, following the completion of customary regulatory approvals and closing conditions. Acquired Organization: American Freight Discount furniture, mattress, and appliance store. Upon the closing of the Transaction, Franchise Group’s systemwide revenue, which is defined as total sales for both franchise and company units, will exceed $2.4 billion. Forward-looking statements may include, but are not limited to, statements relating to the Transaction, including synergies and anticipated benefits resulting therefrom; the product offerings of the Company if the Transaction is consummated and the Financing, which is subject to various significant risks and uncertainties, many of which are outside of the control of the Company. Franchise Group has completed an agreement to acquire American Freight in an all cash transaction valued at approximately $450 million from an affiliate of The Jordan Company.. 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. Franchise Group, the parent of Buddy’s Home Furnishings is moving deeper into the furniture industry with the acquisition of Top 100 company American Freight … Franchise Group, Inc. (NASDAQ: FRG) 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, American Freight and The Vitamin Shoppe. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support INVESTOR RELATIONS CONTACT:Andrew F. KaminskyEVP & Chief Administrative OfficerFranchise Group, Inc.akaminsky@franchisegrp.com(914) 939-5161. Franchise Group, Inc. executed the acquisition of American Freight Group, Inc. in an all-cash transaction valued at approximately $450 million. Franchise Group, Inc. ( FRG ) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. Overview. It is the third largest tax preparation franchise in the United States. 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. This press release contains forward-looking statements within the meaning of 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, those that contain, or are identified by, words such as “outlook”, “guidance”, “believes”, “expects”, “potential”, “continues”, “may”, “will”, “should”, “predicts”, “intends”, “plans”, “estimates”, “anticipates”, “could” or the negative version of these words or other comparable words. Mattress, and appliance store on a combined basis, franchise Group, Inc is an American company! Rights reserved and companies that specialize in the first quarter of 2020, following the completion of regulatory! Freight Discount furniture, mattress, and appliance store Home accessories at unmatched prices qualified by the cautionary contained. 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