EZCORP increases investment in Florida and the Caribbean; Expands pawnshop presence to include luxury offerings

AUSTIN, Texas, December 5, 2022–(BUSINESS WIRE)–EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawnshop services in the United States and Latin America and retailer of brand-name pre-owned merchandise, today announced two investments that highlight its ongoing initiatives to expand its geographic presence and broaden its pawn offerings.

The company recently increased its investment in Founders One, LLC, a private company that owns a majority stake in Simple Management Group, Inc. (SMG). This increased investment (consisting of a $15 million preferred equity contribution and a $15 million loan), along with other third-party financing guaranteed by SMG, was used by SMG to acquire 100% of the outstanding capital stock of FFI Holdings, Inc., which owns 52 pawn shops in Florida and Puerto Rico that operate under the “La Familia” or “Family Financial” brand. That acquisition was completed on December 2, 2022, and with it, SMG now owns and operates a total of 73 pawn shops (42 in the Caribbean and 31 in Florida). Additional information regarding the Company’s increased investment in Founders One can be found in its Current Report on Form 8-K, dated December 2, 2022, filed with the Securities and Exchange Commission.

EZCORP also recently acquired a Las Vegas luxury pawn shop business operating under the name “Max Pawn” and entered into a joint venture with Michael Mack, the former owner of Max Pawn. The joint venture will focus on the luxury goods space in Las Vegas and other select markets in the US. In connection with the acquisition, Mr. Mack joined EZCORP to lead the new Luxury Pawn Division of the Company.

“We continue to pursue exciting inorganic strategic opportunities to expand our core pawnshop business in both existing and new geographic regions. Our increased investment in Founders One provides us with increased exposure to the strategically important Caribbean region along with increased exposure to the Florida”. said Lachie Given, executive director of EZCORP. “In addition, our new luxury pawn division will significantly enhance our existing pawn shop offerings by providing a dedicated and targeted focus on high-end products to serve more customers, in more places, and in more categories. Together, these new investments strengthen and expand our pawn offerings and broaden the geographic reach of our core pawn business.”

ABOUT EZCORP

Formed in 1989, EZCORP has become a leading provider of pawn transactions in the United States and Latin America. We also sell merchandise, primarily forfeited collateral from pawnshop operations and used merchandise purchased from customers. We are dedicated to meeting the short-term cash needs of both cash- and credit-constrained consumers by focusing on an industry-leading customer experience. EZCORP is listed on the NASDAQ under the symbol EZPW and is a member of the Russell 2000 Index, the S&P 1000 Index and the Nasdaq Composite Index.

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FORWARD-LOOKING STATEMENTS

This announcement contains certain forward-looking statements regarding the company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical fact, including all statements about the company’s strategy, initiatives, and future performance, that address activities or results that the company plans, expects, believes, projects, estimates, or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied in these forward-looking statements due to a number of uncertainties and other factors, including operational risks, liquidity risks, legislative or regulatory developments, market factors, litigation and current or future risks. associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, please refer to the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unforeseen events, or changes in future operating results over time.

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Contacts

Media contact
EZCORP
Emily Metcalfe – Senior Manager, Corporate Communications
Telephone: 512.673.9444
Email: [email protected]

Contact for investors
Email: [email protected]
Telephone: 512.314.2220

jean marie young
Director General, Tripartite Advisors
Three-Part Advisors
Email: [email protected]
Telephone: 631.418.4339



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