SCOTTSDALE, Ariz.--With the help of GE Capital Solutions, Franchise Finance and Corporate Solutions Group, Heartland Brewery is able to develop new stores and promote future growth with three loans equaling $35 million.
In late 2006, an investment banking boutique — Corporate Solutions Group — worked with Heartland to close an employee stock ownership plan (ESOP). When Heartland Brewery began looking for additional financing, CSG suggested GE Capital Solutions, Franchise Finance.
“We do quite a bit of business with GE and when Heartland came to us looking for a restaurant loan, we called GE Capital Solutions, Franchise Finance,” says Steve Berman, managing director, Corporate Solutions Group. “They are great to work with because they move quickly. The nuts to bolts of this entire deal took only six weeks. They were responsive and they closed the deal cost-effectively.”
GE Capital Solutions, Franchise Finance loaned Heartland Brewery $20 million in senior term debt, $10 million in a revolving line of credit, and $5 million in a development facility.
“GE Capital Solutions, Franchise Finance and the resources we provide are a great match to Heartland Brewery,” says Scott Tocci, vice president, GE Capital Solutions, Franchise Finance. “Our ability to handle three types of loans in one deal shows our degree of flexibility and our commitment to servicing our client’s specific needs.”
Heartland Brewery was one of the first to bring quality craft beers to New York City. The restaurant group is consistently growing, expanding its operations, and has six restaurants in Manhattan.
“The flexibility of GE Capital Solutions, Franchise Finance to craft a deal that met our specific needs allows our business to fully finance the initiatives that will make us even more successful as an employee-owned company,” says Jon Bloostein, president, Heartland Brewery. “We hope they will be a valuable resource to us for years to come.”
Heartland Brewery opened New York City’s first American-style brewpub on Union Square in 1995. A pioneer, Heartland Brewery ignited New Yorkers’ passion for craft beers and consistently brews New York’s freshest specialty beer. Heartland is the largest urban brew pub group in the world, achieving their position within 10 years of pouring their first beer.
GE Capital Solutions, Franchise Finance is a leading lender serving customers in the restaurant, hospitality, branded beverage, automotive after-market, and power sports industries. It provides financing to help franchisees and franchisors grow, compete, and prosper. It offers access to capital with a diverse array of flexible financing options, including funds for purchasing real estate or equipment, new construction or remodels, acquisitions, or refinancing.
About GE Capital Solutions, Franchise Finance
GE Capital Solutions, 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 $14 billion in served assets, we serve more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, power sports and automotive after-market industries. We offer customers access to capital with a menu of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units and remodels for single- and multi-unit operators/chains. More information is available at www.gefranchisefinance.com or by calling toll-free 866-GET-GEFF (438-4333).
GE Capital Solutions provides leasing, lending, and capital investment products and services to help business customers grow. It has more than $90 billion in assets, serves more than a million clients around the world, and is headquartered in Danbury, Connecticut, USA. For more on GE Capital Solutions, go to www.ge.com/capitalsolutions.
GE (NYSE: GE) is Imagination at Work — a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
About Heartland Brewery, Inc.
Heartland Brewery is the original and the largest urban group of brewpubs with five locations around Manhattan. Since the opening of its first restaurant in 1995, Heartland has been consistently distinguished for its award-winning craft microbrews and tasty American cuisine. In 2006 Heartland added Spanky's BBQ to its restaurant roster.
About Corporate Solutions Group, LLC
Corporate Solutions Group, LLC is a leading New York-based investment banking boutique, specializing in ESOPs and other liquidity alternatives for middle market business owners.
