Applebee's And CapGrow Announce New Look Remodel Financing Program For Franchisees
OVERLAND PARK, KAN., Mar. 4, 2004 – Applebee’s International, Inc. (“Applebee’s”) is announcing a new program that will allow its franchisees to access a $75 million line of funding for Applebee’s New Look Remodel Program investments. Capital Growth Advisors, LLC (“CapGrow”) assisted Applebee’s in designing this innovative funding package.
GE Franchise Finance will provide Applebee’s domestic franchisees with the $75 million line of funding for remodels to the Applebee’s “New Look” over the next three years. “We are excited about the new look remodel and how it will enhance our guests’ dining experience,” said Steve Lumpkin, Applebee’s chief financial officer. “We are pleased to provide this program that will allow our franchisees to access financing with favorable terms for remodeling their units over the next three years.”
Steve Vergamini, senior vice president of Capital Growth Advisors LLC, said, “We were pleased that we were able to provide a “best available collateral” basis for this type of borrowing, which is typically very difficult to collateralize.”
“CapGrow’s assistance was a key factor in our ability to provide this remodel funding.” Lumpkin added, “GE Franchise Finance has delivered an attractive financing tool for our franchisees that is easy to use, both in the application and documentation processes.” Applebee’s International, Inc., headquartered in Overland Park, Kan., develops, franchises and operates restaurants under the Applebee’s Neighborhood Grill & Bar brand, the largest casual dining concept in the world. There are currently 1,594 Applebee’s restaurants operating system-wide in 49 states and nine international countries. For additional information on Applebee’s International, please contact Frank Ybarra at (913) 967-4159 (firstname.lastname@example.org), or visit www.applebees.com.
GE Franchise Finance (GEFF) is a leading lender for the franchise finance market via direct sales and portfolio acquisition in the United States and Canada. With over $12 billion in served assets, GEFF serves over 3,000 customers and over 15,000 property locations, primarily in the hospitality, restaurant, branded beverage, storage and automotive industries. GEFF offers customers access to capital with a menu of products featuring flexible structuring, including financing and refinancing for acquisitions, construction and remodels for single- and multi-unit operators. More information is vailable at www.gefranchisefinance.com, or by calling toll-free 866-GET-GEFF (438-4333).
Capital Growth Advisors, LLC, headquartered in Ann Arbor, Michigan, is a leading provider of fee based financial consulting services to the multi-unit restaurant industry. Additional information on CapGrow may be found at www.capgrow.net.