SCOTTSDALE, Ariz.-- With more than $30 million in financing from GE Capital Solutions, Franchise Finance, the Halifax Group purchased PJ United, Inc., the largest Papa John’s International, Inc. franchisee. The Halifax Group partnered with existing PJ United management to lead the buyout. Founded in 1991, PJ United operates 116 Papa John’s stores in six states.
“Working with GE Capital Solutions, Franchise Finance on our acquisition was a great experience,” says Ken Doyle, managing director, The Halifax Group. “Their in-depth industry knowledge and flexibility makes them a great organization with which to build a long-term relationship.”
Douglas Stephens, founder and chief executive officer of PJ United, along with the Halifax Group, and the current PJ United management team provided the equity for the transaction. Former controlling shareholders sold their stake in the company, allowing the sale to Halifax. Committed to improving profits, customer service, and growth, Stephens and his original management team continue to run the franchise group.
"This buyout launches a prosperous relationship between Halifax and PJ United,” says Bill Kraus, senior vice president, GE Capital Solutions, Franchise Finance. “We look forward to the continued sharing of our capabilities and services, helping PJ United better plan and achieve their business goals,”
The Halifax Group is a private equity firm specializing in partnering with managers and entrepreneurs to recapitalize and grow lower middle-market companies across a variety of industries, including businesses in the healthcare services, wellness, infrastructure services and business services sectors. The firm maintains offices in Washington, D.C., Dallas, Texas and Raleigh, North Carolina. For more information, visit www.thehalifaxgroup.com.
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.
