- Franchise Group Inc FRG has completed the acquisition of Sylvan Learning, a tutoring franchisor for Pre-K-12 students and families in the U.S., in an all-cash transaction valued at about $81 million.
- Sylvan currently has more than 700 locations in 49 states, including more than 560 physical centers.
- Franchise Group anticipates the acquisition to be immediately accretive to earnings.
- For Franchise Group's FY21, Sylvan is estimating total systemwide revenue of $169 million and adjusted EBITDA of about $12 million.
- Franchise Group financed the deal with available cash. It held $184.67 million in cash and equivalents as of June 30, 2021.
- Price Action: FRG shares are trading higher by 5.71% at $37.57 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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