SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Jan. 10, 2006--Marking a milestone in its relationship with Garden Fresh, GE Commercial Finance, Franchise Finance is the sole lead arranger on a $175 million transaction. This allowed an affiliate of Sun Capital Partners, Inc. (Sun Capital) to refinance its bridge financing in connection with its recent acquisition of Garden Fresh and to fund operations and expansion.
Garden Fresh, based in San Diego, operates 97 locations in 15 states, doing business as Sweet Tomatoes and Souplantation. It is the largest salad buffet concept in the country.
"GE Commercial Finance, Franchise Finance timely closed on a creative lending structure that provides Garden Fresh with plenty of liquidity and flexibility which allows us to execute on our future growth plans," says M. Steven Liff, managing director, Sun Capital Partners, Inc. "GE Commercial Finance, Franchise Finance is a very relationship-oriented firm that truly understands the restaurant industry."
Liff adds that Garden Fresh makes a good fit for Sun Capital because, "This is a company with a steady history of growth and customer loyalty. That alone makes Garden Fresh a great asset and strengthens our portfolio of middle market companies. Given our operational expertise, coupled with the outstanding leadership team at Garden Fresh, we intend to selectively increase the number of units, enhancing the company's franchise value."
Michael Mack, co-founder and CEO of Garden Fresh, adds, "We are happy to team up with both Sun Capital and GE Commercial Finance, Franchise Finance to continue building Garden Fresh. The company is positioned better than ever to build shareholder value, maintain a quality dining experience for our customers, and simultaneously maintain a value proposition."
Gary Naquin, vice president, structured finance at GE Commercial Finance, Franchise Finance, noted the significance of the transaction.
"By taking the lead on the funding, underwriting, and syndication, we are continuing to build our platform in the restaurant industry. This deal demonstrates our ability and desire to originate and structure more deals as the sole lead arranger in various market cycles."
Sun Capital Partners, headquartered in Boca Raton, Fla., is a private equity firm focused on leveraged buyouts and equity, debt, and other investments in market leading companies that can benefit from its in-house operating professionals and experience. Boasting more than $3 billion in capital under management, this acquisition marks its 100th since the company's inception in 1995.
For GE Commercial Finance, Franchise Finance - a company that finances new construction, acquisitions, refinancing, and reimaging - the transaction is another success in a long line of financing deals.
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
Arment Dietrich
Gini Dietrich, 312-787-7249
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or
GE Commercial Finance, Franchise Finance
Christine Roe, 480-563-6260
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Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340