Following two separate transactions, pawn shop operator FirstCash Inc. has acquired 154 full-service stores in Mexico for the third quarter.
On Aug. 15, the company closed its acquisition of 97 stores located in the southern gulf region of Mexico. It also completed the acquisition of 57 stores in east central Mexico on Sept. 6. Following these transactions and continued opening of new stores, the company's consolidated store count totaled 2,444.
FirstCash CEO Rick Wessel also said that while the acquisitions are expected to be immediately accretive to earnings, it will be "less impactful" in 2018 until the administrative cost synergies are fully in place. Wessel also said the company recently opened 10 new stores in Latin America, seven of which are in Mexico, two in Guatemala and one in Colombia.
The company expects to add about 425 locations in 2018, including the 360 stores acquired year-to-date and at least 65 new store openings. The company has paid approximately $105 million for the 360 stores acquired so far in 2018.