W.S. Badcock Corp. has been acquired by Franchise Group, Inc. for $580 million in an all cash transaction. The new acquisition will be reflected in the final month of Franchise Group’s fiscal 2021.
Badcock was founded in 1904 in Florida by an English immigrant. The family owned company expanded greatly over time as it passed through multiple generations of the Badcock family. In 1967 the company expanded beyond the state of Florida and currently operates in 8 states. Badcock was one of the largest privately owned furniture companies with over 380 locations.
Franchise Group will keep Badcock’s management team in place while adding all locations to their current portfolio. The company will seek to offer more programs and flexibility for Badcock customers. In addition, the move is set to bolster vendors as stated multiple times throughout the company’s press release. However, in Chain Store Guide’s experienced opinion, moves like these typically open the door to new suppliers as acquiring organizations look to evaluate supply chains and product mixes.
As the news broke, Franchise Group Inc. (FRG) stock increased by over 10% signaling stakeholder confidence in this acquisition. This comes just weeks following another significant jump in stock price, nearly 20%, after the company released its Q3 fiscal report.
Source – Franchise Group, Inc.
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