RTTNews | Jan 25, 2021 08:00AM EST

07:59 Monday, January 25, 2021 (RTTNews.com) - Franchise Group Inc. (FRG) agreed to buy Pet Supplies Plus, an omnichannel retail chain and franchisor of pet supplies and services, in an all cash transaction valued at about $700 million from affiliates of Sentinel Capital Partners.

In addition, the company estimates that the net present value of the tax benefits related to the deal to be approximately $100 million.

The deal is expected to close in March 2021.

Franchise Group reached commitments arranged by J.P. Morgan, Citizens Bank and Credit Suisse for $1.3 billion in new term loan credit facilities to refinance the Company's existing term loan for its Buddy's Home Furnishings, American Freight and Liberty Tax businesses and provide acquisition financing for the Transaction, including commitments from an affiliate of B. Riley Financial for up to $300 million in unsecured financings.

Read the original article on RTTNews ( https://www.rttnews.com/3162902/franchise-group-to-buy-pet-supplies-plus-in-700-mln-deal.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved