SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 17, 2006--Showing versatility in its ability to provide multiple arrangements, GE Capital Solutions, Franchise Finance acted as the sole lead arranger of $17.1 million with Diamondback Management, Inc., one of the largest franchisees of Tumbleweed Southwest Grill. The deal includes both a sale-leaseback for seven properties and a business value loan.
The transaction allows Diamondback Management to plan for future expansion. Diamondback Management hopes to open seven new units in all, as the market allows. The deal also allows Diamondback Management to leverage the equity in its business.
John Opolka, president and former CFO, Diamondback Management, says his company benefits from the convenience of working with GE Capital Solutions, Franchise Finance.
"Our work with GE Capital Solutions, Franchise Finance has given this company renewed focus. We are now able to take care of our financing needs all at once, which is extremely convenient."
Opolka said he chose to work with GE Capital Solutions, Franchise Finance because they "are one of the leading lenders in the restaurant industry. I am impressed by their professionalism. There was no beating around the bush. They worked with me to get the deal done."
He noted the lender's history of working with restaurants made for lofty expectations, "We expected them to be exceptional and they are."
GE Capital Solutions, Franchise Finance provides a one-stop shop for its customers, giving them flexible options for refinancing, acquisitions, sale-leaseback, development of new properties, and remodeling existing properties. More than two decades of experience has given the lender a unique ability to help a business run and grow on their terms.
Paul Cantieri, vice president, GE Capital Solutions, Franchise Finance, says, "This transaction demonstrates our ability to respond with a complete solution to complicated arrangements. We were able to simultaneously provide Diamondback with all of the financing they needed."
Tumbleweed Southwest Grill operates 53 locations in eight states. Based in Wausau, Wis., Diamondback Management operates eight units in Wisconsin and northern Illinois. Citing convenience and the intensive evaluation process, Opolka says he looks forward to a continued relationship with GE Capital Solutions, Franchise Finance.
"On our end it was a very smooth, uncomplicated deal. It turned out exactly as they promised."
Cantieri said the transaction was indicative of the GE experience.
"Our work with Diamondback is indicative of the way we work. We built a relationship, we met expectations and satisfied the customer, and we used our experience to make the deal happen. It sounds simple, but we're committed to our customers."
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