GE Capital Provides Original Joe’s with Credit Increase
GE Capital’s Canadian Franchise Finance business announced that it provided Original Joe’s Franchise Group (OJ’s) and parent company Franworks Franchise with an expanded, $49 million senior credit facility. GE Capital-Canada served as lender and sole lead arranger of the facility.
OJ’s will use a portion of the facility to refinance an existing loan; the remainder will be put toward the construction of new Original Joe’s and State & Main restaurants across Canada.
“This new loan provides us with significant capital to carry out our growth strategy for both brands,” said Derek Doke, president and CEO of OJ’s. “With GE Capital’s help, we can expand our business in established markets and branch out into new markets.”
“We are proud to be a part of Original Joe’s impressive growth story; building financial capacity as it pursues its corporate initiatives, and becoming a force in the Canadian restaurant industry,” said Edward Khediguian, senior vice president of GE Capital’s Franchise Finance business in Canada.
Headquartered in Calgary, Alberta, Canada, Original Joe’s is a full-service casual restaurant and bar with 60 locations, comprised of a mix of corporate-owned, joint venture and franchised units. It also operates seven corporate-owned restaurants under the State & Main banner.