Originally published August 2, 2010 at 10:39 AM | Page modified August 2, 2010 at 10:43 AM

Pawn X-Change chain sold for $70 million

The owner of Washington's Pawn X-Change shops has been sold to a Texas company for $70 million, the two companies announced.

By Seattle Times business staff

The owner of Washington's Pawn X-Change shops has been sold to a Texas company for $70 million, the two companies announced.

Issaquah-based Maxit Financial, which owns 29 Pawn X-Change locations in this state and another 10 in Arizona under the Maxit name, will become part of Fort Worth-based Cash America International. Cash America already had 5 locations in Washington.

The price includes $12.5 million in shares of publicly traded Cash America, and the rest in cash.

In a June 2008 interview, Maxit Financial CEO Brad Shain said the chain expected revenues of $38 million for the year. Its revenues were approximately $54 million for the 12 months ended June 30, 2010, according to a statement from Cash America.

The Texas company has more than 1,000 locations nationally, some of them franchised.

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