CIT Canada Provides Financing to KFC Franchisee
CIT Canada announced that it provided $8 million in franchise financing to the BLCO Group, one of the largest multi-unit Kentucky Fried Chicken (KFC) franchisees in Canada. The franchise financing will be used to refinance debt and for capital improvements for 13 KFC’s in Alberta and 3 KFCs in British Columbia. Financing was provided by CIT Financial. Terms of the transaction were not disclosed.
“This transaction highlights our ability to meet the franchise financing needs of the quick service restaurant sector anywhere in Canada,” said Douglas McKenzie, Specialty Finance leader, CIT Canada. “BLCO has demonstrated a commitment to innovation and brand development, having successfully operated KFC franchises for nearly two decades. We’re pleased to put our knowledge to work for such a high caliber franchise group with a significant development plan.”
Don Lloyd, BLCO Group managing partner, said, “CIT was able to meet our financing requirements in a short timeframe in a desirable structure. The financing and expertise CIT brought to this transaction helps us continue to grow our portfolio. We look forward to future growth opportunities with this new partner.”