SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 7, 2006--Marking its first foray into the power sports industry, GE Commercial Finance, Franchise Finance recently completed two deals totaling $25 million. The deals provide real estate financing for two power sports dealers, Kent PowerSports, of San Antonio and Brentwood, Tenn.-based America's PowerSports.
Kent PowerSports, which is owned by baseball star Jeff Kent, received $6.3 million in financing to acquire real estate at its two locations.
"This deal allows us to take advantage of a growing market," says Kent, who plays second base for the Los Angeles Dodgers. "The funding from GE Commercial Finance, Franchise Finance is helping us grow our business."
GE Commercial Finance, Franchise Finance also provided America's PowerSports, owners of 17 motorcycle dealerships in eight states, with $18.5 million to consolidate its debt.
For America's PowerSports, which sells motorcycles made by Harley-Davidson, Honda, Kawasaki, Suzuki, and Yamaha, and other premium power sports brands, financing is another way to stay competitive in an industry that can be as rugged as the terrain on which its vehicles travel.
"Thanks to GE Commercial Finance, Franchise Finance, we can continue to develop and serve our growing customer base," says Clark Vitulli, CEO, America's PowerSports. "This deal enables us to reach more power sports enthusiasts."
Power sports, a general term for outdoor vehicular activities involving motorcycles, ATVs, snowmobiles, and personal watercraft is a $26 billion-a-year industry and continues to grow.
"These two landmark deals for Franchise Finance are the first steps our business is taking to enter the power sports market, an industry where we want to be a leading lender that provides customers the means to compete and prosper," says Cliff Kraushaar, vice president of brand finance, GE Commercial Finance, Franchise Finance.
About GE Commercial Finance, Franchise Finance
GE Commercial Finance, Franchise Finance 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, GE Commercial Finance, Franchise Finance serves more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. GE Commercial Finance, Franchise Finance 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).
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, is headquartered in Stamford, Conn., USA.
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.
About America's PowerSports
Formed in November 1998, America's PowerSports is one of the nation's largest retail powersports dealer networks that represent all major brands including Harley-Davidson, Honda, BMW, Yamaha, Suzuki, Kawasaki, Sea-Doo, Polaris, and Arctic Cat and has 17 dealership locations in eight states. America's PowerSports is committed to providing the highest value and quality of service, products and knowledge to their consumers, partner dealerships and manufacturers while building a national community for fun and leisure. America's PowerSports' national headquarters is located near Nashville. More information may be found on the company's Web site at www.americaspowersports.com.
About Kent Powersports, LP
Jeff Kent (Five-time MLB All-Star and 2000 National League MVP) has formed a new motorcycle dealership group in south Texas. The dealership group presently includes Yamaha of San Antonio, the largest volume selling Yamaha dealership in Texas and 35 North Honda, the only Honda Powerhouse dealership in south Texas.
Contacts
Arnent Dietrich
Gini Dietrich, 312-787-7249
[email protected]
or
GE Commercial Finance, Franchise Finance
Christine Roe, 480-563-6260
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340