Aaron's

The story of Aaron's begins in 1955 with a simple, yet clever, business idea. R. Charles Loudermilk, Sr., with a partner, borrowed $500 to buy folding chairs and rented them to auction houses for 10 cents a day. This small venture, initially named Aaron Rents to appear first in the phone book, laid the groundwork for a much larger enterprise. The company's focus soon expanded to renting residential and office furniture, tapping into a growing market need. A pivotal moment came in 1982 when the company went public, providing the capital for significant expansion. This move allowed Aaron's to acquire competitors and solidify its position in the furniture rental industry. The business model evolved to what is now widely known as lease-to-own, offering furniture, electronics, and appliances to customers. A significant transformation occurred in 2020 when Aaron's announced it would split into two separate, publicly-traded companies: The Aaron's Company, Inc., and PROG Holdings, Inc., which contained the Progressive Leasing business. This strategic separation allowed each entity to focus on its core market. The journey took another turn in October 2024, when The Aaron's Company was acquired by IQVentures for approximately $504 million, taking the company private.