GE Capital’s Franchise Finance business announced today that it has
provided a $95 million senior credit facility to JIB Management, Inc. A
portion of the funding was provided by GE Capital’s bank affiliate, GE
Capital Bank. GE Capital Markets acted as sole lead arranger and
bookrunner and City National Bank was co-documentation agent.
JIB will use the majority of the funds to refinance existing debt. It
will use the remainder to acquire and develop new El Pollo Loco
restaurants in the San Antonio and Houston markets, and to develop
Corner Bakery restaurants in the Las Vegas and Seattle markets.
Based in Fremont, CA, JIB is the largest domestic Jack in the Box
franchisee with 221 restaurants, which amount to about 10% of the
system’s units. It also operates 35 Denny’s restaurants, and six Sizzler
restaurants.
“I’m grateful to GE Capital for helping finance my company’s expansion
into two new brands to further diversify our operations,” said Anil
Yadav, JIB’s founder. “Working with an experienced lender means I have a
financial resource that really understands my business.”
GE Capital has had a relationship with JIB since 2003.
“JIB’s executive management team has a wealth of combined operating
experience and a solid history of acquisitions and restaurant
development,” said Trey Brown, sales leader of GEFF. “We’re pleased to
see a long-time customer growing and thriving.”
The transaction was originated by Todd Cortell, a senior vice president
with GEFF responsible for restaurant financing in the West region.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the U.S. franchise
finance market via direct sales and portfolio acquisitions. With more
than 30 years of experience and over $6 billion in served assets, it
provides financing to more than 2,000 customers and 14,000 properties.
The business specializes in financing mid-market operators with multiple
stores in the restaurant and hospitality industries. Its team of
industry experts helps them realize their individualized growth plans.
GE Capital, Franchise Finance customers also receive access to its
proprietary industry research and cutting-edge digital tools. For more
information, visit http://www.gefranchisefinance.com
or follow company news via Twitter (https://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
Copyright Business Wire 2014