AMERICAN FORK, Utah--(BUSINESS WIRE)--Four Foods Group (FFG) – a rapidly growing restaurant development, investment and management company – has completed the placement of more than $32 million of growth capital to fund their growing restaurant services business. CIT, a leading provider of commercial lending and leasing services, provided $22.7 million for acquisition financing with the remaining approximately $10 million coming through private investors and current FFG shareholders.
The funds will be used to expand FFG’s business operations and relationships across multiple brands by utilizing its established restaurant development and operating processes, expertise, systems and relationships to accelerate the growth of emerging and established restaurant brands and concepts across the nation.
“As we announced last year, we are accelerating our efforts to grow our footprint across multiple restaurant concepts and brands and increase our locations across America,” said Andrew K. Smith, Four Foods Group Chief Executive Officer. “Our unique philosophy of providing management systems and access to capital as a partner with focused restaurant owner-operators has been wildly appealing and successful. We are now committed to several outstanding brands including Kneaders, R&R Barbeque and the Soda Shop and will be adding others in the near future.”
“Four Foods Group asked us to present a solution that would optimize their capital structure and support their acquisition activities,” said Doug McKenzie, commercial leader of CIT’s Franchise Finance business. “Our industry knowledge and our flexible lending process allowed us to meet their requirements under a tight deadline to fund future acquisitions."
Four Foods Group has built and operates 44 Kneaders restaurants throughout the Western United States with four additional units currently under construction. It also owns majority interests in the growing R&R Barbeque and Soda Shop brands. The restaurant group currently ranks in Technomich’s Top 150 Fast Casual Restaurants and is expected to generate $150 million in annual revenues. FFG has succeeded by supporting independent operating partners through land purchase, restaurant build out and the implementation of proprietary operating, hiring, finance and accounting, facility management and training systems.
To learn more about FFG’s approach to restaurant operation and acceleration, visit www.fourfoodsgroup.com.
About Four Foods Group
Four Foods Group (FFG) is a restaurant development, investment, and management company with 97 restaurant locations and additional sites in development or under construction. FFG has ranked among Inc. Magazine’s 500/5000 Fastest Growing Companies in America for five consecutive years, a MWCN 100 recipient four years, and as a UV50 company for six years running. Their restaurants rank among the Technomic Top 150 Fast Casual Restaurants. fourfoodsgroup.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with $64.2 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com