SCOTTSDALE, Ariz.--(BUSINESS WIRE)--GE Capital Solutions, Franchise Finance recently co-led the financing for the Catterton Partners and Oak Investment Group acquisition of Cheddar's Casual Café. The deal facilitated the sale from Dallas-based Brazos Private Equity Partners, LLC in August 2006, and was followed by the first and second in a series of sale-leaseback transactions. Subsequent sale-leasebacks are expected to fund in February and March.
"This transaction reflects the confidence our customers have in our capabilities and wide ranging products and services, which enable them to better plan and achieve their business goals," says Bill Kraus, senior vice president, GE Capital Solutions, Franchise Finance. According to Catterton, the ability of GE Capital Solutions, Franchise Finance to provide a comprehensive financing package, including sale-leasebacks to enable new unit development, convinced them to choose the lender.
GE Capital Solutions, Franchise Finance recently completed two of the scheduled sale-leasebacks, totaling $5 million. A Cheddar's location in Garland, Texas received financing in December, while a second deal for a property in Fort Wayne, Ind., closed in early February.
"The package GE Capital Solutions, Franchise Finance created worked for all parties involved. We were impressed by their range of abilities, experience, and proven expertise to complete this deal," says Frank Vest, partner and co-founder, Catterton Partners. "They intimately understand the restaurant industry which made us comfortable working with them."
With the sale, Greenwich, Conn.-based Catterton Partners and Westport, Conn.-based Oak Investment Group acquired 55 Cheddar's locations in 16 states: Texas, Oklahoma, Missouri, Iowa, Illinois, Wisconsin, Minnesota, Indiana, Ohio, Kentucky, Tennessee, Florida, Georgia, Virginia, West Virginia, and North Carolina.
Cheddar's touts its "classic American" casual dining experience, and has annual revenues exceeding $245 million.
Catterton Partners is a leading private equity firm, focused exclusively on the consumer industry, boasting more than $2 billion under management.
Oak Investment Partners is a venture capital firm with a strong track record as a multi-stage investor. It oversees more than $8.4 billion in capital and has invested in more than 435 companies since its inception in 1978.
GE Capital Solutions, Franchise Finance is committed to assisting its customers grow, compete, and prosper. By offering a variety of expert financial services, featuring flexible structuring for refinancing, reimaging, acquisitions, and more, GE Capital Solutions, Franchise Finance gives its customers the ability to run their businesses on their own terms. More than 20 years of lending experience has given the company expertise in the restaurant, hospitality, auto-aftermarket, and beverage industries.
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
GE Capital Solutions, Franchise Finance
Christine Roe, 480-563-6260
[email protected]
or
Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
Stephen White