Mergers & Acquisitions

Plano, Texas – Rent-A-Center Inc. reported declining net earnings for first quarter 2014, even as revenues slightly grew. The company said it plans to optimize its U.S. store footprint by consolidating about 150 stores into existing stores by the end of the second quarter of fiscal 2014.

Net earnings fell 37% to $28.9 million from $46.1 million, while total revenues increased 1.8% to $833.7 million from $819.3 million. Same-store sales dropped 0.8%.

Tampa, Fla. - The Melting Pot Restaurants  plans to expand its footprint in select markets throughout the U.S., and Canada. Domestically, the company is looking to recruit new franchisees in cities such as Anchorage, Alaska; Little Rock, Ark.; Fresno, Calif.; Hartford, Conn.; Des Moines, Iowa; New York City; Chattanooga, Tenn.; Charleston, S.C.; and Portland, Maine, as well as Houston and El Paso, Texas.

Virginia Beach, Va. — Realty Resources has announced that several firms have joined the nationwide alliance of commercial real estate brokerage firms.

Los Angeles — Brooke Lauter and Nadene Gallagher, two Southern California marketing executives known for creating successful branding and marketing solutions for corporate and entrepreneurial clients, have joined forces to form Lauter + Gallagher.  

Dallas — Shayan Holdings has purchased the 29,200-sq.-ft. Lebanon Ohio Center, an unanchored strip retail complex, in Frisco, Texas. The seller was LandPlan Development Corporation. The price was not disclosed.

The center is currently 90% occupied. Tenants include CrossFit Remedy and Arts and Technology Institute. CBRE’s Dallas office represented the seller in the transaction and conducted the financial analysis.

Nashville, Tenn. - Cybera Inc., has hired Jeremy Landa as it new senior VP of finance Jeremy Landa. Landa will be part of Cybera’s executive team, responsible for providing strategic financial leadership to support the company’s growth and expansion.

Prior to joining Cybera, Landa served as CFO of Simplex Healthcare. During his career, Landa also oversaw the corporate strategic planning process for Gaylord Entertainment.

New York -- SweetFrog and Pizza Studio will open shops at Legends Outlets Kansas City in Kansas City, Kan., this spring and summer respectively. The locations will be the first in the Kansas City metropolitan area for both concepts.

SweetFrog has leased a 1,588-sq.-ft. space. The frozen yogurt franchise invites customers to make their own soft-serve creations, choosing from an array of flavors and toppings.

The Hillshire Brands Company has signed a definitive agreement to acquire Catterton portfolio company Van’s Natural Foods. Van’s is a leading better-for-you food brand of frozen breakfast and snack foods.

Hillshire Brands will pay $165 million for Van’s, which is expected to have net revenues of approximately $60 million in calendar year 2014. The transaction is expected to close in May 2014 pending regulatory clearance.