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Restaurant franchisor lands $100M credit facility from GE
Five Guys Holdings Inc., franchisor of the fast-growing Five Guys Burgers and Fries, has landed a $100 million credit facility from GE Capital’s franchise finance unit. The funding includes a $55 million term loan and a $45 million revolver, and will be used to finance expected growth.
Five Guys Burgers and Fries, a privately held fast-casual hamburger chain, opened its first restaurant in 1986 in Arlington, Va. Over the last three years, the company has opened more than 375 restaurants, and today has more than 640 franchised locations and more than 100 corporate-owned locations across the U.S. and Canada. The company says it plans to open 100 new units this year.
“GE Capital’s ability to grow with us, from a $14 million credit facility in 2008 to a $100 million credit facility in 2011, has been a critical part of our success,” said Peter Hanson, CFO, Five Guys Holdings, Inc. “In completing the refinancing of our existing credit facility and providing us with $55 million in new capital, GE has put us in a great position to deliver on our ongoing development plans.”
The new credit facility was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.
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