SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 9, 2005--Marlin Alexander, Inc., a six-unit franchisee of Coppell, Texas-based CiCi's Pizza, recently finalized a deal with GE Commercial Finance, Franchise Finance (GEFF) designed to assist in the growth of the company and the concept. The deal, valued at $1.1 million, includes funds for acquisition, new store development, and debt refinancing.
"CiCi's Pizza is a quickly growing concept in the Southeast," says Steve Manghi, account executive for GEFF. "Marlin Alexander is preparing to support that growth with funding from GEFF. This is a perfect example of how GEFF helps franchisees and is committed to the growth of franchised restaurants."
The funding from GEFF calls for the acquisition of two stores in Hampton Roads and Newport News, Va., the development of a new location in Chesapeake, Va., and the refinancing of existing debt to improve cash flow and consolidate debt. Marlin Alexander also has worked with GEFF in the past to support other growth and remodeling projects designed to bring the restaurants up to brand standard.
A GEFF customer since 2001, Marlin Alexander currently operates six CiCi's Pizza restaurants in the Hampton Roads market of Southern Virginia, including Norfolk, Virginia Beach, and Chesapeake. The restaurant chain, established in 1985 in Plano, Texas, serves high quality food at low prices. The company's 524 restaurants offer 16 kinds of fresh, hot, delicious pizza, pasta, salad, and dessert in a buffet format.
"As a company, Marlin Alexander is coming into the next phase of our growth, with the acquisition of existing CiCi's units as well as the development and construction of new ones," says David Arris, president, Marlin Alexander. "Having the support of GEFF behind us as we grow and expand is reassuring. We fully expect we'll go back to work with them when the time comes for additional growth."
GEFF is a leader in the restaurant industry and provides financing for new store construction, acquisitions, remodeling, and refinancing to restaurant franchisees. The funding deal with Marlin Alexander is an example of the GEFF commitment to providing financing solutions to meet each customer's needs, and to help franchisees and franchisors grow, compete, and prosper.
GE Commercial Finance, Franchise Finance (GEFF) is a leading lender for the franchise finance market via direct sales and portfolio acquisition in the United States and Canada. With more than $12 billion in served assets, GEFF serves more than 6,000 customers and more than 21,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. GEFF 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).
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of more than US$230 billion and is headquartered in Stamford, Conn., USA. General Electric (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better.
Contacts
Tag Team Global, Chicago
Gini Dietrich, 312-787-7249
[email protected]
or
General Electric, Scottsdale
Christine Roe, 480-563-6260
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340