SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Sept. 21, 2005--Rock Bottom Restaurant and Brewery will be adding 17 locations in 2005 and 21 more in 2006 after receiving $19 million in refinancing from GE Commercial Finance, Franchise Finance.
According to John Coletta, executive vice president and chief financial officer at Rock Bottom, the refinancing allows them to focus their resources on growth.
"Access to capital is vital for Rock Bottom if we want to meet our growth objectives during the next few years," says Coletta. "We plan to continue the relationship with GE Commercial Finance, Franchise Finance as we explore future opportunities."
Besides its flagship Rock Bottom Restaurant and Brewery, the Colorado-based company also owns Old Chicago, ChopHouse and Brewery, and Sing Sing dueling piano bar concepts. Altogether, the company currently owns or franchises 115 units across the country, with plans to reach 200 by 2008.
Jason Stall of GE Commercial Finance, Franchise Finance, says maintaining an ongoing relationship with customers is part of the commitment GE makes to help them grow.
"We hope customers view us as an extension of their business," says Stall. "Whether for capital for refinancing, reimaging, acquisitions, or new construction, we're dedicated to helping them succeed, and we understand the franchise business from just about any angle."
About GE Commercial Finance, Franchise Finance
GE Commercial Finance, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition in the United States and Canada. With more than $11 billion in served assets, Franchise Finance serves more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. Franchise Finance offers 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).
About GE Commercial Finance
GE Commercial Finance is the business-to-business finance unit of General Electric. With deep industry expertise and lending, leasing and financing services of every kind, GE Commercial Finance plays a key role in helping its customers grow. Conducting business in 35 countries, GE Commercial Finance has assets of more than US$230 billion and is headquartered in Stamford, Connecticut, USA.
General Electric (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems.
Contacts
GE Commercial Finance, Franchise Finance
Christine Roe, 480-563-6260
[email protected]
or
Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340