GE Capital‘s Canadian franchise finance business has provided Original Joe’s Franchise Group Inc, and parent company Franworks Franchise Corp, with an expanded senior credit facility totaling $49 million. Based in Calgary, Original Joe’s is a full-service casual restaurant and bar with 60 locations. The company will used the facility to refinance and to build new Original Joe’s and State & Main restaurants across Canada. Norwalk, Conn.-based GE Capital is a provider of commercial loans, leases and other mid-market finance solutions.
GE Capital, Franchise Finance Provides Original Joe’s with Credit Increase to Fund Expansion
MONTREAL, Oct. 28, 2013 /CNW Telbec/ – GE Capital’s Canadian Franchise Finance business announced today that it has provided Original Joe’s Franchise Group Inc. (OJ’s) and parent company Franworks Franchise Corp. with an expanded, $49 million senior credit facility. GE Capital, Canada served as lender and sole lead arranger of the facility.
Headquartered in Calgary, Alberta, Original Joe’s is a full-service casual restaurant and bar with 60 locations, comprised of a mix of corporate-owned, joint venture and franchised units. It also operates seven corporate-owned restaurants under the State & Main banner.
OJ’s will use a portion of the facility to refinance an existing loan; the remainder will be put toward the construction of new Original Joe’s and State & Main restaurants across Canada.
“This new loan provides us with significant capital to carry out our growth strategy for both brands,” said Derek Doke, president and CEO of OJ’s. “With GE Capital’s help, we can expand our business in established markets and branch out into new markets.”
“We are proud to be a part of Original Joe’s impressive growth story; building financial capacity as it pursues its corporate initiatives, and becoming a force in the Canadian restaurant industry,” said Edward Khediguian, senior vice president of GE Capital’s Franchise Finance business in Canada.
About GE Capital
GE Capital, Franchise Finance is a leading lender to the franchise finance market, serving the restaurant and hospitality industries. In the Canadian hotel market, we provide financing for nationally known brands in the limited and select-service segments of the industry.
With more than 20 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address commercial financing needs in all phases of a business’ lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our wealth of industry expertise and develop custom solutions for our customers. Some of the industry sectors we specialize in are transportation, construction, forestry, manufacturing, oil and gas, mining and wholesale and retail, as well as restaurant and hotel franchises.
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.
SOURCE: GE CAPITAL CANADA
Photo courtesy of Original Joe’s.