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Scottsdale, AZ, United States, 2012/05/10 - Funds recapitalization for Wichita, KS-based operator - GEfranchisefinance.com. NYSE: GE
GE Capital, Franchise Finance provided an $80 million senior credit facility to F&H Acquisition Corp., a restaurant company majority-owned by affiliates of Newcastle Capital Management, L.P. and Steel Partners Holdings L.P. The financing includes a $72.5 million term loan and a $7.5 million revolving line of credit to assist in recapitalizing the company’s balance sheet.
“Our existing relationship with GE Capital helped when selecting them as our lead lender,” explained Jim Zielke, CFO, F&H Acquisition Corp. “The refinancing of our existing debt allowed our company to increase cash flow and continue with our expansion efforts.”
Based in Wichita, Kansas, F&H Acquisition Corp. is an investment group that currently owns and operates 63 Fox and Hound restaurants, 45 Champps, and 20 Bailey’s restaurants throughout the United States.
“Our industry knowledge and execution capabilities were critical to the success of this deal,” said Mike Kurtz, vice president, GE Capital, Franchise Finance. “We look forward to working with this operator again as it continues to grow.”
Fox and Hound Restaurant Group, a subsidiary of F&H Acquisition Corp., operates 83 sports bars in 25 states under the Fox and Hound and Bailey's brands. Champps Entertainment, Inc., also a subsidiary of F&H Acquisition Corp., owns, operates, and franchises 59 Champps, an American casual dining restaurant chain and sports bar.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance (gefranchisefinance.com) is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 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 your own growth plan with access to our proprietary industry research and customized tools.
Molli Megasko, Arment Dietrich, Inc.
P: 312-787-7249 - E: mmegasko[.]armentdietrich.com.