Rent-to-own News - Bestway expands into Midwest, buys Home Express Stores

Bestway VP Benny Check (L) and Jesse Fraley, new Bestway district manager, formerly of Home Express.

Dallas-based Bestway Rent To Own grew its store count by 10 percent last week after inking a deal that secured purchase of all eight free-standing Home Express Sales and Lease stores in Kentucky and Indiana.

Bestway CEO David Kraemer, whose company now boasts 87 company stores -- the most of any independent in the industry -- said the move, which grew out of a conversation with Home Express President Chris Caprio about a potential store swap, is in line with Bestway's growth objectives and geographic aspirations.

"This is our first footprint into the Midwest and is in line with our growth objectives for the southeast and Midwest," Kraemer said. "I was elated at the conclusion of our tour of the stores that they had such good people and the stores were so well kept. A big part of that is because of the work of Jesse Fraley (Home Express district manager) and his energy and enthusiasm. He's really put his heart and soul into the company you can tell."

Fraley will continue as a Bestway DM and existing staff will be preserved in the newly acquired stores.

Caprio, who is CEO of Louisville-based KHF Holdings -- the parent company of Home Express Sales and Lease and the licensee of four Ashley Furniture HomeStores in Louisville and Indianapolis -- said the move was a win win for both companies.

"We basically had to decide which area we needed to focus on," said Caprio, who is also president of the Kentucky Rental Dealers Association. "For us, the Home Express side of the company was not where our primary business was. Our stores were the right size and location for what Bestway was looking for. I'm very happy with the outcome."

Home Express will continue to operate rent to own kiosks within the four Ashley stores, Caprio said.

Kramer, who joined Bestway in 2002, is a 27-year rent to own veteran, former Rent-A-Center VP and APRO board member.