Restaurateur Is Poised for Growth with $28.5 Million in New Funding
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Boston-based Back Bay Restaurant Group, Inc. received $28.5 million in financing from GE Capital Solutions, Franchise Finance, choosing the lender because of its experience in the restaurant industry. GE Capital Solutions, Franchise Finance acted as a one-stop shop for Back Bay, providing financing and proving to be a flexible lender.
"We chose GE Capital Solutions, Franchise Finance because we felt comfortable with its extensive knowledge of the restaurant industry," says Robert Ciampa, vice president and chief financial officer at Back Bay. Back Bay Restaurant Group operates 35 restaurants in the Northeast, including Joe's American Bar & Grill, Charley's Eating & Drinking Saloon, Papa Razzi, Abe & Louie's (steakhouse), Coach Grill, Atlantic Fish Company, and Bouchée, a new French brasserie concept that recently opened in Boston's Back Bay area.
GE Capital Solutions, Franchise Finance came out on top in a competitive lender review process. Having relied on its long lending history and expert credibility, it set forth to accommodate Back Bay.
"This deal involved good people and an experienced operation in Back Bay," says Paul Cantieri, vice president, GE Capital Solutions, Franchise Finance. "We were able to provide them with a complete solution, allowing them to run their business as they see fit."
The two-part transaction --- the first deal between GE Capital Solutions, Franchise Finance and Back Bay --- includes a $4 million revolving line of credit, which provides funds for store development and working capital. The second part features a $24.5 million term loan for refinancing and liquidity for shareholders, as well as both fixed and variable rate components.
According to Ciampa, GE Capital Solutions, Franchise Finance succeeded above competitors because they provide a flexible lending solution. "GE Capital Solutions, Franchise Finance provided the best solution for us. The team we worked with gave us a term loan deal that is flexible and allows for growth and stability. At the end of the day, their proposal was the best."
GE Capital Solutions, Franchise Finance has more than 20 years in direct lending and portfolio acquisition experience, providing customers with financing for purchasing real estate or equipment, new construction or remodels, acquisitions, or refinancing.
About GE Capital Solutions, Franchise Finance
GE Capital Solutions, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 20 years of experience and $11 billion in served assets, we serve more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, power sports, and automotive after-market industries. We offer customers access to capital with a menu of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units, and remodels for single- and multi-unit operators/chains. More information is available at www.gefranchisefinance.com or by calling toll-free 866-GET-GEFF (438-4333).
GE Capital Solutions provides leasing, lending, and capital investment products and services to help business customers grow. It has more than $90 billion in assets, serves more than a million clients around the world, and is headquartered in Danbury, Connecticut, USA. For more on GE Capital Solutions, go to www.ge.com/capitalsolutions.
GE (NYSE: GE) is Imagination at Work --- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
or
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe, 480-563-6260
[email protected]
Stephen White