SCOTTSDALE, Ariz.--Back Bay Restaurant Group completed a deal with GE Capital Solutions, Franchise Finance totaling $40 million. The financing continues their relationship with a $25 million term loan to refinance existing debt and a $15 million revolver to fund new construction and renovation.
“Working with Back Bay Restaurant Group is a great experience,” says Jason Searfoss, vice president, GE Capital Solutions, Franchise Finance. “We always enjoy working with innovative entrepreneurs who have a history of accomplishment. Back Bay is a successful company and we hope to continue our relationship for many years.”
The loan helps Back Bay Restaurant Group grow and provide its customers more award-winning restaurants, ranging from five-star table cart service to casual dining.
“This financing provides us much needed flexibility,” says Bobby Ciampa, chief financial officer, Back Bay Restaurant Group. “We will use this capital for more restaurant openings in 2008, including our new properties in Framingham, Mass., and at Exeter and Newbury Streets in the heart of Boston as well as a renovation for our Paramus, N.J. restaurants.”
Back Bay Restaurant Group founder Charles F. Sarkis opened his first restaurant in 1964. His vision was to provide guests with quality food and drink coupled with beautiful decor and excellent service. They grew quickly, and by 1988, the company owned and operated 17 restaurants. Today, Back Bay offers seven unique dining concepts including Abe & Louie’s, Atlantic Fish, Bouchee, Charley’s, Coach Grill, Joe’s, and Papa-Razzi, with 33 restaurants in the East Coast United States.
GE Capital Solutions, Franchise Finance is a leading lender serving customers in the restaurant, hospitality and branded beverage industries. It provides financing to help franchisees and franchisors grow, compete, and prosper. It offers access to capital through 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 $13 billion in served assets, we serve more than 5,000 customers and more than 22,000 property locations, primarily in the restaurant, hospitality and branded beverage 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 $100 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.
