Retail Midwest

SMART Financial acquires 19 stores including 12 in the Midwest

SMART Financial, a specialty financial services and retail company, is expanding its presence across the U.S. by acquiring 11 Illinois stores, one Iowa store and seven Texas stores. The company now owns and operates 87 stores across the United States and Canada—all just 33 months after its founding.

SMART Financial has grown its store count by 46 percent through acquisitions completed this calendar year. The company is the third-largest pawn store chain in North America based on total number of locations, according to founder, John Thedford.

"We are excited about the opportunity to provide financial services, career opportunities and affordable household goods to communities in Illinois, Iowa and Texas," Thedford said. "This acquisition is one of our largest so far and reflects the fast pace in which SMART continues to grow."

The company recently secured an additional $80 million in funding from Comvest Partners and Crystal Financial to facilitate its acquisition growth strategy. SMART plans further expansion by acquisition as 2019 progresses.