GE Capital’s Franchise Finance (GEFF) business announced today that it
has provided a new $7.6 million term loan and $2.0 million revolving
credit facility to Milano Restaurants International Corp. The funds will
be used primarily to develop its new fast-casual pizza concept, Blast
825°.
Milano’s first Blast 825° unit opened in 2013. It currently has four
locations open and two more in development in California. The concept
features a new fast-fired pizza format that allows customers to build
personal 11” pizzas, choosing from 40 toppings, four sauces and three
types of hand-stretched dough. The pizza is then cooked quickly in an
825° oven.
Based in Fresno, CA, Milano’s is a family business that owns, operates
and franchises seven concepts, including Blast 825°, primarily in
California’s San Joaquin Valley. Its largest concept is Me-n-Ed’s
Pizzeria. Founded in 1958, it has 33 company-owned units and 20
franchised units.
GE Capital has had a relationship with Milano’s since 2005.
“As we prepare to expand our new Blast 825° concept, we decided to
consolidate our financing with GE Capital,” said Marta Gray, CFO of
Milano’s. “They know the challenges of being an owner-operator and they
understand our industry and our region. It’s a pleasure to do business
with a company that has such deep expertise in the restaurant space.”
“Over its 50+ year operating history, Milano’s has shown that it knows
how to build a loyal customer base and successfully compete with
nationally known brands,” said Bill Kraus, a senior managing director
with GEFF. “Although pizza is a highly competitive segment, we believe
the management team is well-equipped to expand the Blast 825° concept.”
About GE Capital, Franchise Finance
With more than 30 years of experience and about $6 billion in assets, GE
Capital, Franchise Finance is a leading lender for the U.S. franchise
finance market via direct sales and portfolio acquisitions. It
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 2015