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First Cash Financial Services (NYSE: FCFS ) is becoming a pawn star. The company announced it has acquired a set of 19 large-format pawn shops in Texas, most of which operate under the Valu + Pawn brand name. The price was around $70 million in cash, funded for the most part under the company's revolving credit facility.
First Cash said the stores, which are located in Houston, Dallas, and Fort Worth, have already been consolidated into its operations and financials.
Including this purchase, First Cash operates 866 outlets. This is a 17% increase over the total at the beginning of June 2012.
The company expects its new acquisition to produce "meaningful" earnings accretion, particularly starting next year.