GE Capital, Franchise Finance Provides Imvescor with $37.1 Million Credit Facility for Refinancing

Press release:

07 September 2012

GE Capital, Franchise Finance Provides Imvescor with $37.1 Million Credit Facility for Refinancing

 

MONTREAL (QC), Sept. 7, 2012 - GE Capital, Canada’s Franchise Finance business announced today that it has provided Imvescor Restaurant Group Inc. (IRG) with a $37.1 million term loan. IRG will use the funds to refinance all of its outstanding secured debt facilities, including senior loans from GE Capital. The new debt structure also provides IRG with additional flexibility to pay down its outstanding subordinated debt.

Headquartered in Moncton, New Brunswick, IRG owns franchised and corporate restaurants throughout Canada under four brands: Pizza Delight®, operating primarily in Atlantic Canada in the family/mid-scale segment; Mikes® and Scores®, operating primarily in Quebec in the family and casual dining segments and the take-out and delivery segments; and Bâton Rouge®, operating in Quebec, Ontario and Nova Scotia in the casual dining segment.

"Throughout our association with GE Capital, we’ve been impressed by their understanding of and commitment to the restaurant industry,” said Denis Richard, president and chief executive officer of IRG. “GE Capital helps us create shareholder value by providing a solid financial foundation that allows us to concentrate our energies on executing our strategic initiatives."

"We’ve financed more than $1.1 billion in restaurant transactions in Canada over the last 10 years, through all the market cycles," said Edward Khediguian, senior vice president of GE Capital’s Franchise Finance business in Canada. "We combine our industry knowledge, expertise, and financial capabilities to provide customers with customized and flexible credit facilities that help them concentrate on growing their businesses.”

About GE Capital, Franchise Finance GE Capital, Franchise Finance is a leading lender to the franchise finance market, serving the restaurant and hospitality industries. We specialize in financing regional and national restaurant businesses of all sizes across the country. Over the past 10 years, we’ve financed more than 700 restaurant customers with upwards of 1,500 property locations, lending more than $1.1 billion to the Canadian restaurant space. In the Canadian hotel market, we provide financing for nationally known brands in the limited and select-service segments of the industry.

With more than 20 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address commercial financing and fleet management needs in all phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our wealth of industry expertise and develop custom solutions for your company. Some of the industry sectors we specialize in include transportation, construction, healthcare, agriculture, forestry, manufacturing, oil and gas, wholesale and retail, and restaurant and hotel franchise.

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).

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.

GE Capital, Franchise Finance Provides $15 Million to Summit Hotel Properties

Press release:

05 September 2012

GE Capital, Franchise Finance Provides $15 Million to Summit Hotel Properties

 

Refinances Courtyard® and Springhill Suites® by Marriott hotels

SCOTTSDALE, Ariz.--05 September 2012-- GE Capital, Franchise Finance recently provided $15 million to Summit Hotel Properties, Inc. The funding provides $9.75 million for a Courtyard® by Marriott and $5.25 million for a Springhill Suites® by Marriott to refinance existing debt on the two hotels.

“We have a long-standing relationship with GE Capital, Franchise Finance,” says Dan Hansen, president and CEO, Summit. “We appreciate the consistency in their product, process, and execution, all of which allow us to grow more efficiently.”

Based in Sioux Falls, Summit owns 74 hotels in 20 states.

“We are very pleased to be able to build on our already extensive relationship with Summit,” says Jim Petty, senior vice president, GE Capital, Franchise Finance.

Summit focuses on acquiring and owning premium-branded, select-service hotels. They most recently added their 74th hotel with a Residence Inn® by Marriott in Arlington, Texas.

About GE Capital, Franchise Finance

GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available atwww.gefranchisefinance.com.

GE Capital, Franchise Finance Provides $45 Million Credit Facility to Raising Cane’s

Press release from GE:

21 August 2012

GE Capital, Franchise Finance Provides $45 Million Credit Facility to Raising Cane’s

 

Funds revolving line of credit and refinancing

SCOTTSDALE, Ariz.--21 August 2012-- GE Capital, Franchise Finance recently provided a $45 million senior secured credit facility to Raising Cane’s Chicken Fingers®, a Baton Rouge, La.-based restaurant chain. The facility refinances the company’s existing term loan and provides a revolving line of credit. A portion of the funding was provided through GE Capital bank affiliate, GE Capital Bank.

“We’ve been working with GE since 2003,” says Brad Sanders, chief business officer, fry cook, and cashier, Raising Cane’s. “Because of our relationship, they were able to create a more flexible deal structure which really set them apart.”

Todd Graves, the founder of Raising Cane’s, having received a C on the business plan in college, worked several jobs to save enough money to open the first restaurant in 1996 near the LSU campus

“Raising Cane’s has a great track record of success,” says Ryan Ruud, vice president, GE Capital, Franchise Finance. “We’re pleased to have supported the company during a nine year relationship, and are excited to put a new facility in place to support their next phase of growth.”

Raising Cane's was founded in 1996 and serves fresh, never frozen, chicken finger meals, including Texas toast, crinkle-cut fries, cole slaw, and Cane's sauce, through 131 restaurants in 16 states.

About GE Capital, Franchise Finance

GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available atwww.gefranchisefinance.com.

American Restaurant Industry Starts to Simmer, Says GE Capital

Press release:


27 March 2012

American Restaurant Industry Starts to Simmer, Says GE Capital

Increased consumer spending and foot traffic boost expectations

SCOTTSDALE, Ariz.--27 March 2012-- The American restaurant industry is starting to simmer. Consumers are spending more on meals, and foot traffic at establishments is improving, albeit from a diminished base, according to the 22nd edition of the Chain Restaurant Industry Review, released at this week’s Restaurant Leadership Conference by GE Capital, Franchise Finance. As sales trends recover, operators are translating those positive feelings into a greater willingness to invest in their businesses. And with increasingly accessible credit, they’re able to commit to higher capital expenditures.

“The restaurant industry has come through the upheaval of the past several years by listening closely to the consumer and adapting to their changing tastes – and they’ve done it well,” said Agustin Carcoba, president and CEO of GE Capital, Franchise Finance. “Depending on their segment, brand and focus, operators have emphasized food quality, service quality, menu options and other factors that will lead to renewed growth this year and in the years ahead. Even better, operators did it all while managing operational costs.”

Consumers spent $406.6 billion at restaurants in 2011. For 21 consecutive months, they spent more at restaurants than grocery stores, and that trend is expected to continue. Last year, quick-service restaurants (QSR) accounted for 48.0 percent of that figure, while full-service restaurants (FSR) counted for 48.1 percent. The QSR category includes limited service, fast casual, take-out locations and snack and non-alcoholic beverage bars, while FSR includes family, casual, high-end casual and fine dining establishments.

Operators’ improved expectations can be partially attributed to positive results that were sustained throughout last year. QSR same-store sales grew 3.2% last year – ahead of the FSR rate of 2.4%. QSR benefitted from eight consecutive periods of growth due to more consistent traffic, while FSR relied more on menu price increases and higher average checks.

“Restaurateurs are no longer in survival mode; now they’re planning for the future,” said Trey Brown, commercial leader of GE Capital, Franchise Finance. “To capture that growth and maintain a competitive advantage, they’re investing in their businesses by building new stores, remodeling existing ones or investing in new equipment.”

The level of liquidity available in the restaurant space continues to improve. Merger and acquisition activity – an indicator of the popularity of the restaurant industry among investors – increased last year. Total syndicated volume in the restaurant space increased more than 26% to almost $12 billion in 2011. Strategic buyers returned, such as American Blue Ribbon Holdings LLC, Darden Restaurants and Landry’s Inc. Private equity firms were also active; for example, Golden Gate Capital acquired California Pizza Kitchen.

“We expect restaurants to continue to be appealing acquisition targets because of the ongoing increases in food dollars spent away from home, as well as the scalability of this business model,” Brown added.

About GE Capital, Franchise Finance

GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available atwww.gefranchisefinance.com.

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visitwww.gecapital.com or follow company news via Twitter (@GECapital).

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.

GE Capital, Franchise Finance Provides $30 Million to Popeyes® Louisiana Kitchen Franchisee, Shelton Restaurant Group, LLC

23 March 2012

GE Capital, Franchise Finance Provides $30 Million to Popeyes® Louisiana Kitchen Franchisee, Shelton Restaurant Group, LLC

Funds acquisition

SCOTTSDALE, Ariz.--23 March 2012-- GE Capital, Franchise Finance provided a $30 million credit facility to Shelton Restaurant Group, LLC, a Popeyes^® Louisiana Kitchen franchisee. The financing is being used to acquire 29 Popeyes units in the Lafayette, Louisiana area. The funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.

“We chose to work with GE Capital because of their industry knowledge and ability to execute on large transactions,” explained Mike Shelton, president, Shelton Restaurant Group, LLC. “We are excited about this acquisition and GE Capital helped make it possible.”

Based in Alexandria, Louisiana, Shelton Restaurant Group, with this acquisition will own and operate 30 Popeyes restaurants throughout Louisiana and Texas.

“Being specialists in this industry enabled us to establish a great working relationship with Mike Shelton, resulting in a smooth transaction process,” said Joseph Philip, vice president, GE Capital, Franchise Finance.

Founded in New Orleans, Louisiana in 1972, Popeyes^® Louisiana Kitchen is the world’s second largest quick-service chicken restaurant, based on the number of units with approximately 2,000 locations around the world. In 2011 Popeyes was named number 20 on the QSR 50 and in 2010 it was named number 57 on the Franchise Times Top 200 Franchise Chains by Worldwide Sales.

About GE Capital, Franchise Finance

GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available atwww.gefranchisefinance.com.

GE Capital, Franchise Finance Provides Financing

20 March 2012

GE Capital, Franchise Finance Provides $4.5 Million to SUBWAY® Franchisee, KK Group of Companies

 

Funds acquisition, store development and refinancing

SCOTTSDALE, Ariz.--20 March 2012-- GE Capital, Franchise Finance provided $4.5 million to KK Group of Companies, a SUBWAY® franchisee. The financing includes a $3.5 million term loan to refinance existing debt and a $1 million development line of credit to fund the acquisition of one new store and for the remodeling and reimaging of four existing units. Funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.

“We chose GE Capital for its industry knowledge and flexibility,” said Bharat Aggarwal, owner, KK Group of Companies. “They were continuously striving to ensure our satisfaction, and it resulted in a successful transaction.”

KK Group of Companies is based in Houston, Texas and operates 50 SUBWAY restaurants throughout Texas and New York.

“Our industry knowledge helped us to provide KK Group of Companies with not only a competitive product but also a structure that enabled them to achieve their goals,” said Marques Bayne, vice president, GE Capital, Franchise Finance.

Founded in Milford, Connecticut in 1965, SUBWAY now is the number one restaurant chain in total restaurant count with more locations than any other chain in the quick service restaurant industry.

About GE Capital, Franchise Finance

GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available atwww.gefranchisefinance.com.

GE Capital Supports Investment

News release from GE:

21 February 2012

GE Capital, Franchise Finance Provides $25 Million to Support Quilvest Group Investment in Anthony’s Coal Fired Pizza, Inc.

SCOTTSDALE, Ariz.--21 February 2012-- GE Capital, Franchise Finance provided a $25 million credit facility to support an investment in Anthony’s Coal Fired Pizza, Inc. by an affiliate of The Quilvest Group. The financing includes a $17 million term loan and an $8 million revolving credit facility. Funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.

“GE Capital proved to be a great choice for us,” explains Henrik Falktoft, partner, The Quilvest Group. “Their team was very supportive and knowledgeable about this market and that made for a better transaction.”

The Quilvest Group has invested around $4 billion in more than 300 private equity and real estate funds and 150 direct investments.

“We were in a great position to help both parties using our experience in the space and our relationship with the sponsor, Quilvest,” said Mike Kurtz, vice president, GE Capital, Franchise Finance.

Anthony’s Coal Fired Pizza opened their first store in Florida in 2002 and now has 32 locations throughout Florida, Pennsylvania, New Jersey, Delaware, New York and Connecticut.

About GE Capital, Franchise Finance

GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available atwww.gefranchisefinance.com.