Financing Package Supports Rapid Growth
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--To jump-start its business, VIVID Restaurant Concepts is taking advantage of the different finance opportunities in the market by blending capital from a private equity firm with two types of financing totaling nearly $11 million from GE Capital Solutions, Franchise Finance.
VIVID president and CEO David Blackburn first teamed with Northwood Ventures to raise equity then turned to GE Capital Solutions, Franchise Finance for a $7.7 million loan. The loan was used to acquire four Amerigo Italian bistros in the southeastern United States and Chicago-inspired steakhouse Char Restaurant in Jackson, Miss. GE Capital Solutions, Franchise Finance also provided a $3 million development line of credit that helps VIVID to begin growing both brands immediately.
"The financing we received from GE Capital Solutions, Franchise Finance enables us to open two new restaurants this year," says Blackburn. "Thanks to the development line of credit, we're also poised to take advantage of opportunities as they appear."
For GE Capital Solutions, Franchise Finance, VIVID perfectly fits their lending criteria. "David's 25 years of experience in the restaurant industry and the support he received from a private equity firm cemented our participation in this deal," says Paul Cantieri, vice president, GE Capital Solutions, Franchise Finance. "This is in our strike zone for mid-cap deals."
Through a variety of expert financial services, featuring flexible structuring for refinancing, reimaging, acquisitions, and new construction, GE Capital Solutions, Franchise Finance gives its customers the ability to run their businesses on their own terms.
"GE Capital Solutions, Franchise Finance went above and beyond to help us meet our objectives for VIVID in finding a loan," adds Blackburn.
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 $14 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 Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
or
GE Capital Solutions, Franchise Finance
Christine Roe, 480-563-6260
[email protected]
Stephen White