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EZCORP buys 112 pawn stores in Latin America

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EZCORP buys 112 pawn stores in Latin America

EZCORP Inc. has acquired GuatePrenda – MaxiEfectivo, expanding its footprint in Latin America.

The acquisition expands the company's store base into Latin American countries outside of Mexico and will also add to its earnings, Stuart Grimshaw, EZCORP's CEO, said in a statement.

Founded in 2002, GuatePrenda – MaxiEfectivo owns and operates 112 pawn stores located in Guatemala, El Salvador, Honduras and Peru. EZCORP now has a total of 871 pawn stores, including 513 in the U.S. and 358 in Latin America.

EZCORP paid $53.4 million in cash for the purchase. An additional $2.3 million in deal consideration is tied to the performance of the business. When the deal closed, the newly acquired business had $6.6 million of debt owed to affiliates of the seller, and that debt will be repaid soon, the company said.