MONTREAL, April 8, 2013 /CNW Telbec/ - GE Capital's Canadian Franchise Finance business announced today that it has established a development credit facility for Interaction Asian Restaurants L.P. The company will use it to expand the P.F. Chang's China Bistro concept in Canada.
Headquartered in Montreal, the Interaction Restaurants Group is a restaurant management and holding company that has been operating and expanding various restaurant and food service concepts in Canada for about 20 years. Interaction has recently opened the first Canadian P.F. Chang's China Bistro at the Shops at Don Mills, in Toronto, ON, and will open two more this year in Quebec.
"We've been impressed by GE Capital's commitment to the restaurant industry and its deep understanding of what the development of a franchise concept in new markets involves," said Michael Aronovici, president of Interaction Restaurants Group. "GE Capital provided us with a solid financial foundation and a team of experts that will help us grow the P.F. Chang's concept across Canada."
"We have had a long relationship with Michael and Interaction, and we are proud to be involved in the introduction and development of the P.F. Chang's concept in Canada," said Edward Khediguian, senior vice president of GE Capital's Franchise Finance business in Canada. "The P.F. Chang's concept has been a hit with customers in the United States for more than 15 years, and has proven to be successful with Canadians in the Toronto market. The expansion of the concept in Canada has been highly anticipated by both the public and the industry."
About Interaction Asian Restaurants, L.P.
Interaction Asian Restaurants, L.P. was created and is controlled by General Partner and President Michael Aronovici, whose holding company, Interaction Restaurants Group, has been operating for over 20 years in the food services industry in Canada. Under his leadership, Interaction has been successfully involved with four different restaurant and food service concepts, including Starbucks Coffee and Pizza Hut. Mr. Aronovici has served on the board of the Canadian Restaurant and Foodservices Association since 1997 and was chairman of the board in 2009.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender to the franchise finance market, serving the restaurant and hospitality industries. We specialize in financing regional and national restaurant businesses of all sizes across the country. In the past 11 years, we've provided more than 725 restaurant customers with financing for more than 1,525 property locations. That's in excess of $1.25 billion that we've invested in the Canadian restaurant space. In the Canadian hotel market, we provide financing for nationally known brands in the limited and select-service segments of the industry.
With 19 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 many 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 to develop custom solutions for your company. Some of the industries in which we specialize include transportation, construction, manufacturing, aerospace, automotive, mining, energy, wholesale, retail, restaurant and hotel franchise financing.
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SOURCE: GE CAPITAL CANADA
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