NewswireToday - /newswire/ -
Scottsdale, AZ, United States, 2014/11/13 - GE Capital’s Franchise Finance (GEFF) business announced today that it has provided $35 million in two separate term loans to Romulus, Inc., one of the largest IHOP® franchisees - GEFranchiseFinance.com. NYSE: GE
The funds will be used to refinance existing debt, provide a dividend recapitalization and finance the acquisition of 16 IHOP units in Ohio and Indiana.
Romulus opened its first IHOP in Phoenix in 1991. With the new units, Romulus owns 75 units across nine states today. Its founder, Chris Milisci, has more than 20 years of restaurant experience with IHOP Corp. and as an IHOP franchisee. He’s widely recognized as one of the leaders within the IHOP system, having served on several franchisee boards over the years, including the Board of Advisors. In addition, he’s a founding director of Centralized Supply Chain Services, LLC (CSCS®), which is the sole purchasing agent for the Applebee’s and IHOP systems.
“I’m grateful to GE Capital for helping me increase my investment in the IHOP brand, and I look forward to continued growth with the IHOP system," said Milisci. “Doing business with a lender that specializes in the restaurant industry enabled me to close this transaction with speed and confidence.”
“We’ve been a lender to Romulus since 2012,” said Trey Brown, sales leader of GEFF. “Chris and his management team are top-notch operators, choosing excellent sites and capitalizing on IHOP’s exciting new menu.”
The transaction was originated by Todd Cortell, a senior vice president with GEFF responsible for restaurant financing in the West region.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance (gefranchisefinance.com) is a leading lender for the U.S. franchise finance market via direct sales and portfolio acquisitions. With more than 30 years of experience and over $6 billion in served assets, it provides financing to more than 2,000 customers and 14,000 properties. The business specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Its team of industry experts helps them realize their individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services.
GE (ge.com) 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.