Name change for Rent-A-Center parent company
Rent-A-Center, Inc. is changing its name to better reflect its capabilities and resources.
The parent company of Rent-A-Center, Acima and other consumer brands said that it will now be known as Upbound Group, Inc., “an omni-channel platform company that enables a broader range of consumers to access flexible financial solutions.” The company will begin to trade under the ticker NASDAQ: UPBD starting on February 27th.
The company will continue to go to market under its well-established operating brands, including Rent-A-Center, the lease-to-own retail channel with more than 2,400 stores, and Acima, a leader in the third-party, virtual lease-to-own industry. (The company acquired Acima Holdings for $1.27 billion in cash and approximately 10.8 million shares of Rent-A-Center common stock. Total consideration for the deal was $1.65 billion.)
“Two years ago, Rent-A-Center, Inc. closed on its acquisition of Acima Holdings, almost doubling the size of the company and dramatically changing both organizations,” Mitch Fadel, CEO, Upbound. “We are now a unified, multi-brand platform company that includes more than just the Rent-A-Center business. We are thrilled to launch Upbound, a new enterprise brand and operating structure that will better serve our business and mission. This announcement is a significant milestone in our evolution and strategic plan, as we strive to offer more inclusive financial solutions that address the changing and growing needs of consumers,”
As the corporate enterprise brand for all of the company’s businesses, Upbound will provide strategic planning and shared services that will be leveraged across the organization to support and lead the development of innovative, inclusive, and technology-driven solutions that address the needs and aspirations of consumers.
“Upbound is more than a brand,” added Fadel. “It represents a new enterprise operating model to better capitalize on existing synergies and resources, execute commercial operations and cross-brand strategies, and innovate with existing and new products. Based on our experience and relationships with millions of our own customers, we have the data and analytics capabilities to offer them a broader set of financial solutions, including targeted credit and point-of-sale loan products. Upbound can help elevate our customers, providing them with greater access and a path towards financial flexibility.”
Upbound Group, Inc. is a customer-facing operating units include Rent-A-Center and Acima that facilitate consumer transactions across a wide range of store-based and digital retail channels, including over 2,400 company branded retail units across the United States, Mexico and Puerto Rico. The company is headquartered in Plano, Texas.