GE Capital, Franchise Finance Provides $74 Million to Team Schostak Family Restaurants
Applebee's Franchisee Receives Funding for Acquisition
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- GE Capital, Franchise Finance recently provided a $74 million loan to Team Schostak Family Restaurants, an Applebee's International, Inc. and Burger King® franchisee. The financing will be used to fund the acquisition of 65 new Applebee's units.
"GE Capital, Franchise Finance proved to be a great choice for us," says Mark Schostak, executive chairman, Team Schostak Family Restaurants. "They continuously strive to ensure our satisfaction, and it resulted in a successful transaction."
Headquartered in Livonia, Mich., Team Schostak Family Restaurants operate 62 Burger King® restaurants, 65 Applebee's Neighborhood Bar and Grills, and three Del Taco restaurants.
"We are thrilled to have the opportunity to work with Team Schostak Family Restaurants," says Dave Alexander, vice president, GE Capital, Franchise Finance. "With our industry expertise, we were able to underwrite and commit to the entire credit facility under tight deadlines, which allowed for a more streamlined process for Mark and his team."
Applebee's is the world's largest casual dining chain with approximately 2,000 locations in 49 states, 16 countries, and one U.S. territory.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance 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. More information is available at www.gefranchisefinance.com.
KEYWORDS: United States North America Arizona Michigan
The article GE Capital, Franchise Finance Provides $74 Million to Team Schostak Family Restaurants originally appeared on Fool.com.
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