SCOTTSDALE, Ariz.--Morgan’s Foods, Inc. turned to GE Capital Solutions, Franchise Finance to secure $12.6 million to refinance existing loans. The financing extinguishes 25 existing loan agreements before their scheduled maturity and is secured by existing real estate and business value.
“We enjoy helping businesses such as Morgan’s Foods refinance and grow,” says Bill Pabst, a senior vice president, GE Capital Solutions, Franchise Finance. “We’re pleased to begin our relationship with Morgan’s Foods and look forward to working with them for years to come.”
The speed at which GE Capital Solutions, Franchise Finance executed the loan allowed Morgan’s Foods to meet a critical deadline. Finalized at the end of 2007, the deal took only four weeks from start to finish and shows the commitment of GE Capital Solutions, Franchise Finance to getting the job done for their customers.
“We knew we were in good hands, working with GE Capital Solutions Franchise Finance. They went above and beyond and really did an excellent job,” says Ken Hignett, senior vice president, chief financial officer, and secretary, Morgan’s Foods, Inc. “Their knowledge of the restaurant business and flexibility helped us refinance at a rapid pace and meet our deadline.”
Morgan's Foods remains the largest publicly held franchisee in the KFC system. They are a leading operator of fast food restaurants franchised from YUM! Brands, with 97 locations in six states. Most of the company's portfolio consists of more than 70 KFC outlets. Morgan's Foods also operates Taco Bell units and about 20 co-branded locations that combine two YUM! concepts (KFC, Taco Bell, Pizza Hut, or A&W) in one building.
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 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 $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.
