It signed a letter of intent.
DALLAS — DGSE Companies Inc. is looking to buy National Pawn Inc., a chain with 27 stores across Arizona, North Carolina, Oklahoma and Texas.
DGSE (NYSE MKT: DGSE) said in a press release that it has has entered into a non-binding letter of intent to acquire the equity interests in National Pawn and its affiliates.
If a definitive agreement is reached, the acquisition would be expected to close in the third quarter of 2017. Austin, TX-based National was founded in 1993 by its current CEO, Courtland (Corky) L. Logue Jr. Logue has a long history of founding and operating pawnshops, including EZPAWN and EZCORP (NASDAQ: EZPW).
DGSE is a wholesaler and retailer of jewelry, diamonds, fine watches and precious metal bullion and rare coin products.
"We continue to explore new opportunities and agreements with potential partners who are excited about being a part of DGSE’s future," said John Loftus, DGSE’s president, chairman and CEO. "We believe this positions DGSE to generate an attractive, total shareholder return over the long term."