SCOTTSDALE, Ariz.--(BUSINESS WIRE)--GE Capital’s Franchise Finance business announced today that it has provided a $30.7 million loan to Serazen, LLC to refinance debt and to acquire and re-image 50 Hardee’s® units in Greensboro and Wilmington, N.C. and Columbia and Florence, S.C.
As part of the acquisition, Serazen has also agreed to build 14 new Hardee’s restaurants over the next six-and-a-half years in those markets. Based in Orange, CA, the company currently owns and operates 69 Papa John’s units.
“As part of our Hardee’s refranchising initiative, we sold restaurants in four markets across the Carolinas to Serazen, a strong, well-respected operator that’s committed to growing our brand,” said Jim Sullivan, senior vice president, domestic franchise development, at CKE. “GE Capital's responsiveness and expertise in the capital markets, the restaurant sector and these types of transactions were an integral part of bringing this deal to a successful close.”
CKE Restaurants Holdings, Inc., through its operating subsidiaries, owns, operates and franchises quick-service restaurants under the Hardee’s and Carl’s Jr.® banners. Its system includes more than 3,500 restaurant locations in 44 states and in 35 foreign countries and U.S. territories worldwide.
“GE Capital’s focus on the restaurant industry enabled them to support our strategy to expand into a new restaurant brand,” said Doug Pak, president of Serazen. “I’m grateful to have them as a financing resource to rely on throughout the process.”
“Our experience with refranchised transactions allowed us to provide Serazen with certainty of execution and a quick close,” said Todd Cortell, a managing director with GE Capital, Franchise Finance. “It’s always a pleasure to see our customers grow and thrive in their communities.”
About GE Capital, Franchise Finance
With more than 30 years of experience and $6 billion in assets, GE Capital, Franchise Finance is a leading lender for the U.S. franchise finance market. It specializes in financing mid-market, multi-unit operators in the restaurant and hospitality industries. Its team of industry experts helps operators realize their individualized growth plans. Customers also receive access to GE Capital, Franchise Finance’s proprietary industry research and cutting-edge digital tools. For more information, visit www.gefranchisefinance.com.
GE Capital offers customers around the globe an array of financial products, services and insights to help them grow their businesses.
GE (NYSE:GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com