Rent-A-Center’s new franchisees, Purple Cactus, LLC, will take over the entire Arizona market for the leading rent-to-own brand.
Phoenix, Arizona — Veteran franchisee Vik Patel was intrigued when he first learned about Rent-A-Center.
Patel, the president and CEO of Purple Square Management, has been in the franchising industry for 12 years now, having started his portfolio with Dunkin’. In the last year and a half, he started franchising with Popeye’s alongside his business partners and attorneys David Paris and Michael Ackerman of Paris Ackerman LLP. Patel currently owns 71 Dunkin’ locations and is in the process of acquiring 13 more. He also owns seven Popeye’s locations and six locations of The Brass Tap.
When it became clear they had the opportunity to acquire all the Rent-A-Center stores in the state of Arizona, Purple Cactus recognized they would need a strong operating partner to excel. The group brought on board veteran Rent-A-Center operations executive Fred Mattox as their Chief Operating Officer. “Having a seasoned operator was a key component to our plan” Patel explained. “We appreciate the introduction from the RAC franchise team and are excited to work with Fred.”
Patel learned about Rent-A-Center through a friend and Paris Ackerman client who is also a multi-unit owner with the rent-to-own brand, and he and Paris decided to look further into it. They ended up falling in love with the rent-to-own brand’s model and support system and ultimately signed a deal to take over the brand’s existing 38 corporate locations throughout the state of Arizona. Their deal also includes the rights to continue developing the brand, and they have plans to expand.
We’ve been in franchising for a while now, and we’re enjoying the franchise model,
Patel said. “We were looking for a concept to diversify our portfolio. Everything we had before is in the QSR restaurant space, and we were looking for something outside of that. So, I started looking into different options. I became familiar with Rent-A-Center’s concept through my friend Shirin, and partner David and I decided it was something we were looking to do.”
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