GE Capital’s Franchise Finance (GEFF) business announced today that it
has provided $35 million in two separate term loans to Romulus, Inc.,
one of the largest IHOP® franchisees. The funds will be used to
refinance existing debt, provide a dividend recapitalization and finance
the acquisition of 16 IHOP units in Ohio and Indiana.
Romulus opened its first IHOP in Phoenix in 1991. With the new units,
Romulus owns 75 units across nine states today. Its founder, Chris
Milisci, has more than 20 years of restaurant experience with IHOP Corp.
and as an IHOP franchisee. He’s widely recognized as one of the leaders
within the IHOP system, having served on several franchisee boards over
the years, including the Board of Advisors. In addition, he’s a founding
director of Centralized Supply Chain Services, LLC (CSCS®), which is the
sole purchasing agent for the Applebee’s and IHOP systems.
“I’m grateful to GE Capital for helping me increase my investment in the
IHOP brand, and I look forward to continued growth with the IHOP system,
" said Milisci. “Doing business with a lender that specializes in the
restaurant industry enabled me to close this transaction with speed and
confidence.”
“We’ve been a lender to Romulus since 2012,” said Trey Brown, sales
leader of GEFF. “Chris and his management team are top-notch operators,
choosing excellent sites and capitalizing on IHOP’s exciting new menu.”
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