Cash America buys PawnMart chain

Posted Wednesday, Aug. 28, 2013  comments  Print Reprints
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Fort Worth-based Cash America International has agreed to buy the assets of PawnMart, a chain with 31 pawnshops in Georgia and three in North Carolina, for about $62 million.

Cash America, the nation’s largest pawnshop chain, said the stores had $10.7 million in pawn loan balances as of Dec. 31. The all-cash deal is expected to close in the fourth quarter.

The move will nearly triple Cash America’s presence in and around Atlanta, giving it 48 locations in the metro area.

The North Carolina stores are in Charlotte.

“Adding this well-run group of pawn stores and talented team will enhance our pawn business for many years to come,” Cash America CEO Dan Feehan said in a release.

Cash America has 827 pawn stores in 22 states and 47 in Mexico, as well as 90 check-cashing centers in 14 states.

The company’s shares (ticker: CSH), which have been under pressure in recent weeks, slipped 8 cents Wednesday to $41.48 in light trading. The stock is still up 4.6 percent for the year.

Jim Fuquay, 817-390-7552 Twitter: @jimfuquay

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