M&AUS

Katapult Completes All-Stock Merger with Aaron's and CCF Holdings

Katapult Holdings completed its all-stock merger with The Aaron's Company and CCF Holdings (CCFI) on Aug 11, 2026. The combined company serves nonprime consumers through lease-to-own and alternative consumer finance products. Aaron's and CCFI, along with Katapult's operating business, are now wholly owned indirect subsidiaries of Katapult Holdings.

The combined entity generated more than $4 billion in 2025 pro forma revenue and more than $460 million in 2025 pro forma adjusted EBITDA. Existing Aaron's stockholders, CCFI unitholders, and Katapult stockholders own roughly 14%, 80%, and 6% of the combined company on a fully diluted basis. Katapult continues to trade on NASDAQ under the ticker KPLT.

The company will report results through two segments: Lease-to-Own & Retail, covering Aaron's and Katapult, and Consumer Finance, covering CCFI.

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Implications
  • Consolidation in the embedded BNPL and lease-to-own space creates a larger competitor with omnichannel reach
  • Non-prime embedded financing continues to attract M&A activity as fintechs seek scale and broader merchant distribution
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