STORE Capital Completes $79 Million Sale-Leaseback in Conjunction with Acquisition of an Applebee's
STORE Capital Completes $79 Million Sale-Leaseback in Conjunction with Acquisition of an Applebee's Franchisee
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- STORE Capital Corporation (the "Company"), a real estate investment trust formed to invest in single-tenant real estate such as chain restaurants, supermarkets, health clubs, education and other retail, service and distribution facilities, today announced that it provided financing to facilitate an acquisition for RMH Franchise Corporation, a franchisee of Applebee's restaurants.
The transaction occurred simultaneously with an equity investment by ACON Investments in RMH Corporation to purchase 45 Applebee's restaurants. The Cypress Group acted as the financial advisor for the seller, Concord Neighborhood Corporation. STORE provided the capital to finance the real estate included in the acquisition. This resulted in a $79 million sale and leaseback transaction on 34 restaurants located across nine states, including Nebraska, Kansas, Missouri, Wyoming, Texas, Oklahoma, Florida, Alabama and Mississippi.
"We are pleased to have been able to contribute meaningfully to the execution of this acquisition for ACON and Cypress," said Christopher Volk, Chief Executive Officer of STORE Capital. "Our talented team of professionals was there to simultaneously extend our net lease financing solution in concert with the company's other acquisition financing. Here, our flexibility and ability to act quickly contributed to a successful outcome and a favorable long-term capital structure."
"The real estate financing provided by STORE Capital was a critical element in our successful execution of the acquisition of Applebee's restaurants from Concord," said Jeff Neumann, Chief Executive Officer of RMH Franchise Corporation.
"The STORE Capital team did a fantastic job in bringing the transaction to a close. They showed tremendous flexibility in structuring the deal in order to accommodate the needs of several different parties involved, and they were a pleasure to work with along the way," said Dean Zuccarello, Chief Executive Officer of The Cypress Group.
About STORE Capital Corporation
STORE Capital Corporation is a new-generation real estate investment trust principally backed by funds managed by Oaktree Capital Management, L.P. STORE's mission is to address the long-term capital needs of real estate intensive operating businesses throughout the United States. Through tailored real estate lease and mortgage financing solutions, STORE's aim is to create wealth for its customers by improving the capital efficiency of their businesses. For more information, visit www.storecapital.com.
ICR for STORE Capital
Hayley Cook, 203-682-8254
KEYWORDS: United States North America Arizona
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