Cash America 2012 Annual Report Download - page 141

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
116
The purchase price of the Pawn Partners acquisition was allocated as follows (dollars in thousands):
Pawn loans  $ 10,657
Merchandise held for disposition 5,485
Pawn loan fees and service charges receivable 1,424
Property and equipment  70
Goodwill  26,679
Intangible assets 9,570
Other liabilities (99)
Customer deposits (225)
N
et assets acquire
d
 $ 53,561
Cash consideration payable (4,300)
Total cash paid for acquisition as of December 31, 2011 $ 49,261
Cash paid in 2012 upon receipt of regulatory licenses 4,300
Total consideration paid for acquisition $ 53,561
Maxit
The Company’s wholly-owned subsidiary, Cash America, Inc. of Nevada, completed the purchase of
substantially all of the assets (the “Maxit acquisition”) of Maxit Financial, LLC (“Maxit”) on October 4, 2010. Maxit
owned and operated a 39-store chain of pawn lending locations in Washington and Arizona under the names “Maxit”
and “Pawn X-Change.” Per the terms of the Asset Purchase Agreement, the acquisition consideration consisted of a
cash payment of approximately $58.2 million, which was funded with borrowings under the Company's line of credit,
and 366,097 shares of the Company's common stock, with a fair value of $10.9 million as of the closing date. In
addition, the Company incurred acquisition costs of $1.5 million related to the acquisition, which were included in
“Operations and administration expenses” in the consolidated statements of income. The activities and goodwill of
Maxit are included in the results of the Company’s retail services segment.
The purchase price of Maxit was allocated as follows (dollars in thousands):
Pawn loans  $ 20,714
Merchandise acquired 6,217
Pawn loan fees and service charges receivable 2,268
Property and equipment  7,578
Goodwill  26,246
Intangible assets  7,500
Other assets  80
Other liabilities (1,426)
Customer deposits (149)
Total consideration paid for acquisition, net of cash acquired $ 69,028
Restricted stock paid for acquisition  (10,854)
Total cash paid for acquisition, net of cash acquired $ 58,174
Prenda Fácil
The Company, through its wholly-owned subsidiary, Cash America of Mexico, Inc., completed the acquisition
of 80% of the outstanding stock of Creazione, which operated retail services locations in Mexico under the name
“Prenda Fácil,” in December 2008. The Company paid an aggregate initial consideration of $90.5 million, net of cash
acquired, of which $82.6 million was paid in cash, including acquisition costs of approximately $3.6 million. The
remainder of the initial consideration was paid in the form of 391,236 shares of the Company’s common stock with a
fair value of $7.9 million as of the closing date. The Company also agreed to pay a supplemental earn-out payment in