Growth equity firm Summit Partners has exited its investment in web-based lease-to-own financing programmes provider Progressive, which was sold to Aaron’s for $700m.
Progressive, which was launched in 1999 and backed by Summit in 2012, offers lease and purchase programmes to customers who do not qualify for traditional financing.
It currently serves 5,500 retail partners including 40 of the top 100 and eight of the top 20 US furniture and bedding retailers.
Earlier this month Summit made a $550m investment in venture capital-backed healthcare technology business Ability Network.
The investment marked one of Summit’s largest deals in the healthcare sector.
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