MONTREAL, Feb. 23, 2012 /CNW Telbec/ - GE Capital, Franchise Finance announced today that it has recently provided a $19 million senior term loan facility to Original Joe's Franchise Group, Inc. to support the acquisition of all of the assets of Elephant & Castle Group, Inc. out of bankruptcy.
Derek Doke, majority owner, Original Joe's Franchise Group, Inc., said, "We know from our existing relationship with GE Capital that they bring a lot of expertise in restaurant financing to each transaction. We are very pleased with this outcome."
"We are glad to be able to build on our relationship with Original Joe's and support them in this acquisition," explained Edward Khediguian, senior vice president, GE Capital, Franchise Finance, Canada. "We look forward to working with them as they continue to grow."
Original Joe's Franchise Group, Inc., is based in Calgary with establishments located across Alberta, Saskatchewan, Manitoba, and BC. Original Joe's has expanded from four to forty-five locations in less than 10 years, making it one of the fastest growing restaurant systems in Canada.
Elephant & Castle is an authentic English pub concept. The first restaurant opened in 1977 in Vancouver BC and the chain has grown to 19 establishments located across the United States and Canada from Toronto, Boston and Chicago to Vancouver, San Diego, and San Francisco.
About GE Capital Franchise Finance
GE Capital, Franchise Finance is a leading lender for the franchise finance market serving the restaurant and hospitality industries. We are a leading lender in the Canadian hotel market, providing 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 and fleet management 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 your company. Some of the industry sectors we specialize in include transportation, construction, healthcare, agriculture, forestry, manufacturing, oil & gas, wholesale & retail, restaurant and hotel franchise.
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GE Capital, Americas