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.
