Association of Progressive Rental Organizations

Buddy’s Home Furnishings Acquired by Liberty Tax

The acquisition of Buddy’s Home Furnishings by Liberty Tax took place this summer propelled by strategic business moves for the company. In an effort to transform themselves from a tax service business to an investment company specializing in franchised and related businesses, Liberty Tax also intends to change its name to ‘Franchise Group Inc.’

With more than 330 stores nationwide, Buddy’s Home Furnishings is the third largest rent-to-own dealer in the United States. Almost 90% of their locations are franchisee operated. All outstanding shares of common stock will be $12 per share, as offered by Liberty Tax.

A special committee of independent directors of Liberty Tax unanimously approved the following terms of the transaction: New Holdco, a newly formed subsidiary of Liberty Tax, acquired all of the outstanding equity interests of Buddy’s; equity interests in New Holdco issued to former owners of Buddy’s implies an enterprise value of Buddy’s of approximately $122 million; the equity interests issued by New Holdco and the shares of Preferred Stock are exchangeable for shares of Common Stock; the tender offer for all outstanding shares of Common Stock is $12.00 per share, financed through a combination of debt and equity financing; The Buddy’s Loan was extended solely to Buddy’s and neither Liberty Tax, nor any of its subsidiaries that operate the existing Liberty Tax business, are obligors in respect of this loan.

Liberty Tax and Buddy’s will operate as stand-alone businesses with separate management teams.

Click here for more details on the acquisition and terms of the transaction.

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Mike Tissot

Countryside Rentals Inc., dba Rent-2-Own

Mike grew up in the rent-to-own industry under the guidance of his father, former APRO President and RTO legend Darrell Tissot. For nearly 25 years, Mike’s innovative leadership has helped expand the family business to more than 40 stores across Ohio and Kentucky while also shaping the industry as a whole.

He has served as President of the Ohio Rental Dealers Association, an APRO board member and Treasurer, and President and Treasurer of the TRIB Group. His contributions have earned him the APRO President’s Award of Excellence and the title of APRO Rental Dealer of the Year.

Outside of RTO, Mike enjoys time at the lake house or in Orange Beach, Alabama, with his girlfriend, Angela Strong McCool. A passionate Cincinnati Reds fan, he rarely misses a game, whether watching or listening alongside his parents. He also takes every opportunity to visit Arizona, where his daughter is currently attending Arizona State University.