ApplePie to Provide $20MM in Financing to Grease Monkey Franchisees
APR 26, 2019 - 7:12 am
Grease Monkey International, part of the FullSpeed Automotive family of brands, is working with ApplePie Capital to offer new and existing franchisees access to up to $20 million in debt capital to drive continued expansion across the U.S.
“Grease Monkey is committed to helping our franchisees grow and prosper, and we are excited to launch this program with ApplePie. They are franchising professionals who understand the needs of our franchisees to help foster their growth. Their decision to allocate $20 million to franchisees will help us achieve our accelerating expansion efforts in key target markets across the U.S.” said Ralph Yarusso, chief development officer, Grease Monkey.
“As a multi-brand international franchisor, we chose ApplePie Capital as a preferred lender because they took the time to learn about our business model and our core values. Their knowledge of the franchise industry enables them to offer a multitude of loan options to our franchisees. ApplePie’s ability to customize loan programs for a first-time center owner or a multi-center operator, brings a unique component to the relationship that can be challenging to find with other lenders.” says Jeff King, Grease Monkey director of Franchise Development.
“ApplePie Capital is thrilled to partner with Grease Monkey to help support their growth more quickly and efficiently,” said Denise Thomas, CEO and co-founder of ApplePie. “When selecting brands we want to partner with, we look for franchisors with strong unit-level economics, low closure rates, and successful franchisees. Grease Monkey’s track record in these areas made it an easy decision to embark on what we hope will be a long-term partnership. The options we are able to provide often do not require personal collateral, and we have introduced a lower pricing model to help them accelerate their aggressive growth plans.”
Founded in 1978, Grease Monkey is one of the largest automotive quick lube franchisors not owned by a major oil company. It has more than 340 centers currently located in the United States, Mexico, South America, China, and Saudi Arabia.
ApplePie Capital is a financial solutions provider dedicated to the franchise industry. ApplePie provides a wealth of financial choices for franchise entrepreneurs at every stage of their development, with a diverse and growing network of capital providers and financing solutions, including growth capital, SBA and conventional loans, and equipment financing.
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