Franchise Group Announces The Sale Of The W.S. Badcock Corporation Distribution Centers

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DELAWARE, Ohio, June 21, 2022 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) ("Franchise Group," "FRG" or the "Company") today announced that it has completed the sale-leaseback of all three W.S. Badcock Corporation ("Badcock") distribution centers for gross proceeds of approximately $150 million to affiliates of Oak Street Real Estate Capital, a division of Blue Owl Capital ("Oak Street").

"Oak Street has proven to be a trustworthy partner throughout our sale leaseback process," said Brian Kahn, President and CEO of Franchise Group. "We are pleased to close the sale of the Badcock distribution centers and retire the balance of our acquisition term loan with the cash proceeds."

FRG expects to complete the sale-leaseback of the corporate headquarters by the end of the second quarter.

B. Riley Real Estate acted as advisor and Willkie Farr & Gallagher LLP served as legal counsel to Franchise Group.

About Franchise Group, Inc.
Franchise Group is an owner and operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders. Franchise Group's business lines include Pet Supplies Plus, American Freight, The Vitamin Shoppe, Badcock Home Furniture & more, Buddy's Home Furnishings and Sylvan Learning. On a combined basis, Franchise Group currently operates over 3,000 locations predominantly located in the U.S. that are either Company-run or operated pursuant to franchising and dealer agreements.