NEW YORK (S&P Global Ratings) Jan. 25, 2021--S&P Global Ratings said today that Virginia Beach, Va.-based Franchise Group Inc.'s (B+/Stable--) announcement that it has signed a definitive agreement to acquire pet care franchisor Pet Supplies Plus (not rated), is neutral for overall credit quality. As such, the ratings and outlook remain 'B+' and stable, respectively. The company expects the $700,00 million transaction to close in March 2021. In conjunction with the transaction Franchise Group entered into an agreement for $1.3 billion in new term loan facilities that it will use to fund the acquisition and refinance existing debt. The stable outlook on Franchise Group reflects our expectation for improving operating performance over the next 12 months. We now forecast S&P
