GE Capital Provides $6.7 Million to Papa John’s Franchisee
GE Capital, Franchise Finance said it recently provided a $6.7 million credit facility to Pizzerias, a Papa John’s franchisee. The funding is being used to refinance existing debt.
GE Capital said a portion of the funding was provided through GE Capital’s bank affiliate, GE Capital Bank.
“We specialize in helping strong operators like Pizzerias, LLC with creative financing solutions,” said Mike Mitchell, vice president, GE Capital, Franchise Finance. “By coupling our existing relationship with the company along with our knowledge of the Papa John’s brand, we were able to offer Pizzerias, LLC a recapitalization that worked for all parties.”
“GE Capital presented the idea of a recapitalization and we were very pleased with the overall deal structure and with the quick closing process,” explained Ricky Warman, president, Pizzerias.
Pizzerias operates 31 Papa John’s locations in the Miami market. Papa John’s International is the third largest pizza company in the world, based on system-wide sales, with more than 3,400 restaurants worldwide.