GE Capital’s Franchise Finance business announced it has provided a $30.7 million loan to Serazen to refinance debt and to acquire and re-image 50 Hardee’s units in Greensboro and Wilmington, NC and and Columbia and Florence, SC.
As part of the acquisition, Serazen has also agreed to build 14 new Hardee’s restaurants over the next six-and-a-half years in those markets.
The Orange, CA-based company currently owns and operates 69 Papa John’s units.
“As part of our Hardee’s refranchising initiative, we sold restaurants in four markets across the Carolinas to Serazen, a strong, well-respected operator that’s committed to growing our brand,” said Jim Sullivan, senior vice president, domestic franchise development, at CKE. “GE Capital’s responsiveness and expertise in the capital markets, the restaurant sector and these types of transactions were an integral part of bringing this deal to a successful close.”
CKE Restaurants Holdings, through its operating subsidiaries, owns, operates and franchises quick-service restaurants under the Hardee’s and Carl’s Jr. banners. Its system includes more than 3,500 restaurant locations in 44 states and in 35 foreign countries and U.S. territories worldwide.
“GE Capital’s focus on the restaurant industry enabled them to support our strategy to expand into a new restaurant brand,” said Doug Pak, president of Serazen. “I’m grateful to have them as a financing resource to rely on throughout the process.”
“Our experience with refranchised transactions allowed us to provide Serazen with certainty of execution and a quick close,” said Todd Cortell, a managing director with GE Capital, Franchise Finance. “It’s always a pleasure to see our customers grow and thrive in their communities.”
Various common types of transactions in our industry result in equipment leasing and finance companies acquiring interests in transactions that are outside the primary states in which they are located. Some examples include the very active market pursuant to which... read more
When companies tell me they aren’t using social media in their marketing efforts, I always tell them, “Social Media is not mutually exclusive to lifestyle brands.” Over the past several years, there has been a serious misunderstanding of social media... read more