Funds acquisition of 51 Jack in the Box units
Scottsdale, AZ (Restaurant News Release) GE Capital, Franchise Finance provided $18 million to Feast Foods, LLC, a Jack in the Box franchisee. The financing includes a $16.3 million term loan for the acquisition of 51 Jack in the Box units in Washington, Idaho and Oregon and a $1.7 million development line of credit. Funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.
“We were delighted at GE Capital’s ability to structure and execute our needs in one month,” explains David Beshay, partner, Feast Foods, LLC. “We appreciated their sense of urgency and responsiveness, and look forward to working with them as we continue to grow.”
Feast Foods, LLC is a newly formed entity and is located in Marietta, California. Prior to this transaction, the company owned and operated more than 100 Jack in the Box units throughout California, Texas and Oklahoma and through this transaction added 51 additional stores to their portfolio.
“Our existing relationship surely made a difference in our ability to execute on this transaction,” said Jon Rinaldi, vice president, GE Capital, Franchise Finance. “In addition, our certainty of close, industry expertise and flexibility really helped to differentiate us.”
Based in San Diego, Jack in the Box Inc., is one of the nation’s largest hamburger fast-food chains, with more than 2,200 restaurants in 19 states.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $12 billion in served assets, we serve over 5,000 customers and over 22,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop growth plans with access to our proprietary industry research and customized tools. More information is available at www.gefranchisefinance.com or by calling 866-GET-GEFF (438-4333).