GE Capital Finances Romulus Acquisition of 16 IHOP Units
GE Capital’s Franchise Finance business announced today that it provided $35 million in two separate term loans to Romulus, one of the largest IHOP franchisees. The funds will be used to refinance existing debt, provide a dividend recapitalization and finance the acquisition of 16 IHOP units in Ohio and Indiana.
“I’m grateful to GE Capital for helping me increase my investment in the IHOP brand, and I look forward to continued growth with the IHOP system,” said Milisci. “Doing business with a lender that specializes in the restaurant industry enabled me to close this transaction with speed and confidence.”
“We’ve been a lender to Romulus since 2012,” said Trey Brown, sales leader of GEFF. “Chris and his management team are top-notch operators, choosing excellent sites and capitalizing on IHOP’s exciting new menu.”
Romulus opened its first IHOP in Phoenix in 1991. With the new units, Romulus owns 75 units across nine states today. Its founder, Chris Milisci, has more than 20 years of restaurant experience with IHOP and as an IHOP franchisee.