ORLANDO, Fla., Aug. 13, 2020 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) today announced that it has fully repaid the $70 million acquisition term loan  utilized to purchase The Vitamin Shoppe in December 2019.

Brian Kahn, CEO of Franchise Group, stated, “We have previously stated that we expected to reduce the outstanding balance of Vitamin Shoppe’s Acquisition Loan to no more than $28 million by year end. Thanks to a combination of better than expected performance of TVS, rigorous cash management by TVS leadership, and the cooperation of our lender, Great American Capital Partners, today we retired the $31.6 million balance remaining on our acquisition financing.”

The prepayment of the Acquisition Loan was funded entirely with cash on hand at Franchise Group’s TVS subsidiary, is expected to be accretive to 2020 fully diluted earnings per share by $0.03 and will increase flexibility when considering future corporate actions.

About Franchise Group, Inc.

Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, American Freight and The Vitamin Shoppe. On a combined basis, Franchise Group currently operates over 4,100 locations predominantly located in the U.S. and Canada that are either Company-run or operated pursuant to franchising agreements.