Dollar Financial Corp., which provides check cashing and payday lending services, said Wednesday its Canadian subsidiary has purchased nine stores in Alberta.
The company said the deal reached by National Money Mart is worth $13 million Canadian, or $12.9 million. CEO Jeff Weiss said the new regulatory environment means the company can expand more quickly in Canada.
"Our strategy is to increase our share of the Canadian financial services market through the continuing expansion of our store footprint, mass media advertising campaigns, and by offering products and services at prices below our competitors," he said in a statement Wednesday.
National Money Mart will now run 412 company-operated stores across Canada, including this acquisition, with an additional 53 franchised stores remaining in the network.
Shares of Dollar Financial rose 18 cents to $24.84 in morning trading Wednesday.