To jump-start its business, VIVID Restaurant Concepts is taking advantage of the different finance opportunities in the market by blending capital from a private equity firm with two types of financing totaling nearly $11 million from GE Capital Solutions, Franchise Finance.
VIVID president and CEO David Blackburn first teamed with Northwood Ventures to raise equity then turned to GE Capital Solutions, Franchise Finance for a $7.7 million loan. The loan was used to acquire four Amerigo Italian bistros in the southeastern United States and Chicago-inspired steakhouse Char Restaurant in Jackson, Miss. GE Capital Solutions, Franchise Finance also provided a $3 million development line of credit that helps VIVID to begin growing both brands immediately.
“The financing we received from GE Capital Solutions, Franchise Finance enables us to open two new restaurants this year,” says Blackburn. “Thanks to the development line of credit, we’re also poised to take advantage of opportunities as they appear.”
For GE Capital Solutions, Franchise Finance, VIVID perfectly fits their lending criteria. “David’s 25 years of experience in the restaurant industry and the support he received from a private equity firm cemented our participation in this deal,” says Paul Cantieri, vice president, GE Capital Solutions, Franchise Finance. “This is in our strike zone for mid-cap deals.”
Through a variety of expert financial services, featuring flexible structuring for refinancing, reimaging, acquisitions, and new construction, GE Capital Solutions, Franchise Finance gives its customers the ability to run their businesses on their own terms.
“GE Capital Solutions, Franchise Finance went above and beyond to help us meet our objectives for VIVID in finding a loan,” adds Blackburn. -GE news
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
