SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 15, 2005--In its third transaction involving Taco Bueno since 2001, GE Commercial Finance, Franchise Finance has arranged financing for the acquisition of the popular chain by New York-based Palladium Equity Partners.
Taco Bueno, which operates quick service Mexican restaurants in Texas, Oklahoma, and Kansas, was acquired by Jacobson Partners, a New York-based private equity firm in 2001. GE Commercial Finance, Franchise Finance first worked with Taco Bueno in its 2001 acquisition and more recently provided $45 million in refinancing to position the chain for its expansion plans. When Palladium Equity Partners decided to acquire the company, they also chose GE Commercial Finance, Franchise Finance to make it happen quickly.
"Once we had an agreement in place, the previous owners wanted us to have the entire deal finalized, including all the financing, in an extremely short period of time," says Palladium Equity Partners managing director, Peter Joseph. "GE Commercial Finance, Franchise Finance was highly knowledgeable, and really moved quickly to provide financing for us in less than a month's time."
The new Taco Bueno CEO, John Miller, will spearhead the expansion of the Taco Bueno franchisee program and identify new markets and franchising partners to fuel the chain's growth.
"Working with Taco Bueno through two acquisitions and a major refinancing in the last five years has given us tremendous familiarity with their business," says Mark Wood, vice president, GE Commercial Finance, Franchise Finance. "As companies grow and change, we remain committed to understanding and meeting their financial needs better than anyone else."
GE Commercial Finance, Franchise Finance is committed to the restaurant industry by providing access to capital for four business events -- new construction, acquisitions, reimaging, and refinancing.
About GE Commercial Finance, Franchise Finance
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 $11 billion in served assets, GEFF serves more than 6,000 customers and more than 20,000 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).
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
[email protected]
Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340