Funding used to refinance existing debt, acquire one Taco Bell unit, remodel existing stores
SCOTTSDALE, Ariz.--Wednesday, July 07, 2010-- GE Capital, Franchise Finance is providing $9 million in financing for D. G. Smith Enterprises, Inc., a Taco Bell franchisee based in Sacramento, California. The proceeds will be used to refinance existing debt, fund a store acquisition, and support remodeling at select locations. Financing was provided through the GE Capital Franchise Finance bank affiliate, GE Capital Financial Inc.
"We're thrilled that our broad product suite enabled us to meet all of D. G. Smith's needs and we look forward to continuing our relationship to help them achieve their business goals," says Allen Johnson, vice president of GE Capital.
With this acquisition, D. G. Smith Enterprises now owns and operates 16 Taco Bell units in the Sacramento, California area.
"We've had our eye on acquiring this unit for a while," explains Dave Smith, owner and founder of D. G. Smith Enterprises, Inc. "GE Capital's industry reputation and our trust in their team's ability to get the job done made it an easy decision to choose GE. We felt comfortable with them from the start, and they closed the deal in a short amount of time, exceeding our expectations."
Taco Bell Corp. was founded in 1962 and began franchising in 1964. Taco Bell is now the world's leading Mexican-style quick service restaurant chain with approximately 5,600 restaurants in the U.S. serving more than 35 million consumers each week.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $14 billion in served assets, we serve more than 5,000 customers and more than 22,000 property locations. We provide financing for all your business needs. More information is available at www.gefranchisefinance.com or by calling 866-GET-GEFF (438-4333).
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit www.ge.com.
Christine Roe
GE Capital Solutions
[email protected]
1-480-563-6260
Yvette Pistorio
Arment Dietrich Inc.
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