After nearly 10 years of dependence on investors, the management team of Hacienda Mexican Restaurants is now fully in control of its 12-restaurant chain thanks to funding from GE Capital Solutions, Franchise Finance.
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--After nearly 10 years of dependence on investors, the management team of Hacienda Mexican Restaurants is now fully in control of its 12-restaurant chain thanks to funding from GE Capital Solutions, Franchise Finance. A $7.6 million deal, which closed in August, includes the refinancing of subordinate debt and the purchase of all remaining outstanding warrants.
"We are proud to have 100 percent control of our company. The refinancing with GE Capital Solutions, Franchise Finance gave us the capital we needed to buy the last few warrants from our investors," says Tammy Boetsma, chief financial officer, Hacienda. "Now that we have complete control, we can decide the direction of our business, and are looking forward to growing with a new, streamlined strategy."
Based in South Bend, Ind., Hacienda owns and operates 12 restaurants throughout Indiana. "The management team of Hacienda had a unique opportunity to attain 100 percent control of the company, and we were glad to provide the financing to make that happen," says Paul Cantieri, vice president, brand finance, GE Capital Solutions, Franchise Finance. "We developed a flexible, customized solution to help them reach their goal, and we look forward to working with them as they continue to grow."
Hacienda first worked with GE Capital Solutions, Franchise Finance in 2004, when current management and Calvert Street Capital Partners acquired majority ownership of the company from PNC Equity Management and Eat'n Park Hospitality Group.
"We chose to work with GE Capital Solutions, Franchise Finance again because they understand our business and offer simple, flexible financing," says Boetsma. "They've come through for us again with a smooth, straight-forward deal that supports our growth. We've been impressed with them thus far, and will continue to use them as our preferred lender."
GE Capital Solutions, Franchise Finance provides a one-stop shop for its customers, offering flexible options for refinancing, acquisitions, sale-leaseback, development of new properties, and remodeling existing properties. More than two decades of experience has given the lender a unique ability to help a business run and grow on their terms.
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
Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
or
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe, 480-563-6260
[email protected]
Stephen White