GE Capital Provides Serazen with Financing to Acquire 50 Hardee’s Units
August 03 2015 - 8:00AM
Business Wire
GE Capital’s Franchise Finance business announced today that it
has provided a $30.7 million loan to Serazen, LLC to refinance debt
and to acquire and re-image 50 Hardee’s® units in Greensboro and
Wilmington, N.C. and Columbia and Florence, S.C.
As part of the acquisition, Serazen has also agreed to build 14
new Hardee’s restaurants over the next six-and-a-half years in
those markets. Based in Orange, CA, the company currently owns and
operates 69 Papa John’s units.
“As part of our Hardee’s refranchising initiative, we sold
restaurants in four markets across the Carolinas to Serazen, a
strong, well-respected operator that’s committed to growing our
brand,” said Jim Sullivan, senior vice president, domestic
franchise development, at CKE. “GE Capital's responsiveness and
expertise in the capital markets, the restaurant sector and these
types of transactions were an integral part of bringing this deal
to a successful close.”
CKE Restaurants Holdings, Inc., through its operating
subsidiaries, owns, operates and franchises quick-service
restaurants under the Hardee’s and Carl’s Jr.® banners. Its system
includes more than 3,500 restaurant locations in 44 states and in
35 foreign countries and U.S. territories worldwide.
“GE Capital’s focus on the restaurant industry enabled them to
support our strategy to expand into a new restaurant brand,” said
Doug Pak, president of Serazen. “I’m grateful to have them as a
financing resource to rely on throughout the process.”
“Our experience with refranchised transactions allowed us to
provide Serazen with certainty of execution and a quick close,”
said Todd Cortell, a managing director with GE Capital, Franchise
Finance. “It’s always a pleasure to see our customers grow and
thrive in their communities.”
About GE Capital, Franchise Finance
With more than 30 years of experience and $6 billion in assets,
GE Capital, Franchise Finance is a leading lender for the U.S.
franchise finance market. It specializes in financing mid-market,
multi-unit operators in the restaurant and hospitality industries.
Its team of industry experts helps operators realize their
individualized growth plans. Customers also receive access to GE
Capital, Franchise Finance’s proprietary industry research and
cutting-edge digital tools. For more information, visit
www.gefranchisefinance.com.
GE Capital offers customers around the globe an array of
financial products, services and insights to help them grow their
businesses.
GE (NYSE:GE) imagines things others don’t, builds things others
can’t and delivers outcomes that make the world work better. GE
brings together the physical and digital worlds in ways no other
company can. In its labs and factories and on the ground with
customers, GE is inventing the next industrial era to move, power,
build and cure the world. www.ge.com
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GE Capital, AmericasLisa Tibbitts,
203-956-4582lisa.tibbitts@ge.com
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