GE Capital Finances Expansion of Blast 825°, New Pizza Concept of Milano Restaurants
January 15, 2015
SCOTTSDALE, AZ, JAN. 15, 2014 — GE Capital’s Franchise Finance (GEFF) business announced today that it has provided a new $7.6 million term loan and $2.0 million revolving credit facility to Milano Restaurants International Corp. The funds will be used primarily to develop its new fast-casual pizza concept, Blast 825°.
Milano’s first Blast 825° unit opened in 2013. It currently has four locations open and two more in development in California. The concept features a new fast-fired pizza format that allows customers to build personal 11” pizzas, choosing from 40 toppings, four sauces and three types of hand-stretched dough. The pizza is then cooked quickly in an 825° oven.
Based in Fresno, CA, Milano’s is a family business that owns, operates and franchises seven concepts, including Blast 825°, primarily in California’s San Joaquin Valley. Its largest concept is Me-n-Ed’s Pizzeria. Founded in 1958, it has 33 company-owned units and 20 franchised units.
GE Capital has had a relationship with Milano’s since 2005.
“As we prepare to expand our new Blast 825° concept, we decided to consolidate our financing with GE Capital,” said Marta Gray, CFO of Milano’s. “They know the challenges of being an owner-operator and they understand our industry and our region. It’s a pleasure to do business with a company that has such deep expertise in the restaurant space.”
“Over its 50+ year operating history, Milano’s has shown that it knows how to build a loyal customer base and successfully compete with nationally known brands,” said Bill Kraus, a senior managing director with GEFF. “Although pizza is a highly competitive segment, we believe the management team is well-equipped to expand the Blast 825° concept.”
About GE Capital, Franchise Finance
With more than 30 years of experience and about $6 billion in assets, GE Capital, Franchise Finance is a leading lender for the U.S. franchise finance market via direct sales and portfolio acquisitions. It specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Its team of industry experts helps them realize their individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools. For more information, visit http://www.gefranchisefinance.com or follow company news via Twitter.
With more than 30 years of experience and about $6 billion in assets, GE Capital, Franchise Finance is a leading lender for the U.S. franchise finance market via direct sales and portfolio acquisitions. It specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Its team of industry experts helps them realize their individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools. For more information, visit http://www.gefranchisefinance.com or follow company news via Twitter.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
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