Published: July 12, 2006
Romano's Macaroni Grill Heats Up Pacific Northwest
GE Capital Solutions, Franchise Finance Funds $24 Million for Expansion
Scottsdale, Ariz. - Vancouver, Washington-based Waterloo Restaurant Ventures, Inc., received $24 million in financing from GE Capital Solutions, Franchise Finance for the expansion of Romano's Macaroni Grill restaurants in the Pacific Northwest.
"We're excited about the acquisition of existing restaurants in the Bay Area giving Waterloo a strong operational footing in Northern California," says Barry McGowan, president and CEO, Waterloo. "This accelerates our expansion plan for Romano's Macaroni Grill in the Pacific Northwest."
The loan includes a multi-unit restaurant acquisition, refinancing of existing assets, sale-leaseback, and new unit development. Waterloo acquired four existing restaurants from Dallas-based Brinker International, as well as one unit under development in San Jose.
Waterloo secured more than $26 million in financing for restaurant acquisition, refinance of existing assets, sale leaseback, and new unit development for the San Francisco, Portland, Ore., and Seattle metro areas. GE Capital Solutions, Franchise Finance provided more than $24 million of that financing.
"Waterloo has everything we look for in a customer, including a seasoned management team, a high performing brand, Romano's Macaroni Grill, and a leading position in a high-demand category," says Chris Poppe, account executive, GE Capital Solutions, Franchise Finance. "Waterloo has demonstrated consistent and strong growth and we're pleased to be involved with such a high-quality operation."
With the completion of this transaction, Waterloo will employ nearly 1,000 people.
"The financing from GE Capital Solutions, Franchise Finance allows Waterloo to continue its growth strategy both as an employer and as a strategic development partner for Brinker," says Paul Acker, CFO, Waterloo. "We are pleased to have a relationship with them and believe their experience is valuable as our company matures and moves to the next level of expansion.
This deal was the first between Waterloo Restaurant Ventures and GE Capital Solutions, Franchise Finance, which provides financing to help franchisees and franchisors grow, compete, and prosper through new construction, acquisitions, refinancing, or reimaging.
GE Capital Solutions, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 20 years of experience and $11 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.
Barry McGowan, Waterloo's President and CEO, has a 20-year association with Brinker International, the parent company of Romano's Macaroni Grill. Since it's founding as a corporation in 2002, Waterloo Restaurant Ventures has developed a focused team of experienced casual dining operators supported by a proven operations platform to leverage the balanced growth and penetration of the Romano's Macaroni Grill branded concept in the Pacific Northwest and Northern California.
Contacts:
Arment Dietrich
Gini Dietrich
(312) 787-7249
gdietrich@armentdietrich.com
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe
(480) 563-6260
christine.roe@ge.com
Jenean O'Malley
Bradshaw Advertising
(503) 221-5000 ext. 220
jenean@bradshawads.com
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