ORLANDO, Fla., Aug. 12 /PRNewswire/ -- Orlando-based Value Financial Services (Value) - which operates Value Pawn & Jewelry stores - announced today that it has terminated the merger agreement and its proposed merger with Texas-based EZCorp Inc. . The estimated $110 million transaction was entered into in June and was subject to several conditions.
"After careful evaluation with our board, we decided to exercise our right to terminate the merger agreement," said John Thedford, CEO and founder of Value Financial Services. "It's disappointing on one level because of the many resources that had been dedicated to the transaction. However, in the end we thought our shareholders' and team members' interests were best served by not moving forward with the transaction. Fortunately, our company's strong financial performance has created many strategic options. Our board plans to convene in the near term to evaluate these options and set a course to capitalize on our opportunities. We also wish EZCorp well in the future."
Value began the process of an initial public offering last year, but held off when the market downturn occurred. Thedford indicated that the company will consider this option in its strategic planning.
Value Pawn & Jewelry is the nation's largest privately-held pawnshop chain. It generates over $120 million in annual revenues, operates more than 65 stores throughout the Southeast and currently employs more than 600 team members.
Founded by President & CEO John Thedford in 1994, Value Financial Services, Inc. operates pawn and jewelry stores under the banner of Value Pawn & Jewelry in Florida and Georgia, and Check Jewelry and Loan in Tennessee. Value has been named to the Orlando Business Journal's "Golden 100" and "Best Places to Work" lists, as well as to Inc. Magazine's 500 Fastest Growing Private Companies. The company has a distinguished record of being the most innovative operator of multi-unit shops in the industry and has achieved "World Class" ranking by The Gallup Organization for its excellence in customer service. For more information, visit valuepawnjewelry.com.
