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Franchise Group eyes $700 million credit facility with two investors
By Devika Patel
Knoxville, Tenn., Dec. 30 – Franchise Group, Inc. negotiated a $700 million credit facility with affiliates of Kayne Anderson Capital Advisors, LP and Great American Capital Partners, LLC, according to a press release.
Proceeds will be used to acquire American Freight Group, Inc. in an all cash transaction valued at approximately $450 million.
The acquisition is expected to be completed in the first quarter of 2020, and the financing will close simultaneously with the acquisition.
Based in Virginia Beach, Va., Franchise Group offers tax preparation services.
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