SCOTTSDALE, Ariz.--(BUSINESS WIRE)--GE Capital Solutions, the business-to-business leasing, financing and asset management unit of General Electric (NYSE: GE), today finalized its acquisition of Trustreet Properties for $17.05 per share of common stock, or approximately $3 billion. Trustreet Properties is now part of Scottsdale, Ariz., -based GE Capital Solutions, Franchise Finance. This significantly expands financial services offerings in the restaurant industry for GE.
"We've strengthened our product portfolio and our reach so we can serve more kinds of customers in more places," says Darren Kowalske, president and CEO, GE Capital Solutions, Franchise Finance.
The acquisition enables GE Capital Solutions, Franchise Finance to significantly increase market share and to create a more dynamic business. The mortgage products and sale-leaseback capabilities of GE Capital Solutions, Franchise Finance give restaurant owners/operators a more extensive suite of products and services to choose from when tailoring their financial needs.
"We have assumed Trustreet operations and are conducting all sale-leaseback financing and related asset management with the same high level of service and reliance our respective customers have come to expect," says Kowalske. "Additionally, the restaurant 1031 trading platform (www.Trustreet1031.com) is now part of GE Capital Solutions, Franchise Finance, providing valuable information to customers and to the industry."
GE Capital Solutions, Franchise Finance, is maintaining the former Trustreet office in Orlando, as well as its current offices in Scottsdale and Bellevue, and now is a leading provider of triple-net lease financing to operators of national and regional restaurant chains.
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 30 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 over $100 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]
Stephen White