Mayer Brown represented The Jordan Company and American Freight Group, Inc. in the transaction. Willkie represented Franchise Group, Inc.
Franchise Group, Inc. executed the acquisition of American Freight Group, Inc. in an all-cash transaction valued at approximately $450 million.
The transaction is expected to close in the first quarter of 2020, following the completion of customary regulatory approvals and closing conditions.
American Freight is a low cost retailer of furniture and mattresses with over 170 locations in the United States.
Franchise Group is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. Upon the closing of the transaction, Franchise Group’s systemwide revenue, which is defined as total sales for both franchise and company units, will exceed $2.4 billion.
The Mayer Brown team was led by Corporate & Securities partner Phil Brandes (Picture) and counsel George Rudy (both New York) and included: Corporate & Securities – partner Lei Shen (Chicago) and associate Miller Lulow (New York); Litigation & Dispute Resolution – partners Scott Perlman and Oral Pottinger (both Washington DC), counsels Kim Leffert (Chicago) and Roger Patrick (Washington DC); Tax Transactions & Consulting – partners Jason Bazar (New York) and Jim Barry (Chicago), associate Stephanie Wood (New York); Employment & Benefits – partner Ryan Liebl and counsel Katie Dean (Chicago); Banking & Finance – partner Adam Wolk (New York); and Intellectual Property – partner Rich Assmus (Chicago).
The Willkie deal team was led by partners Russell Leaf, Daniel Mun and David Tarr.
Involved fees earner: Richard Assmus – Mayer Brown; James Barry – Mayer Brown; Jason Bazar – Mayer Brown; Philip Brandes – Mayer Brown; Katherine Dean – Mayer Brown; Kim Leffert – Mayer Brown; Ryan Liebl – Mayer Brown; Miller Lulow – Mayer Brown; Roger Patrick – Mayer Brown; Scott Perlman – Mayer Brown; Oral Pottinger – Mayer Brown; George Rudy – Mayer Brown; Lei Shen – Mayer Brown; Adam Wolk – Mayer Brown; Stephanie Wood – Mayer Brown; Russell Leaf – Willkie Farr & Gallagher; Daniel Mun – Willkie Farr & Gallagher; David Tarr – Willkie Farr & Gallagher;