GE Franchise Finance Provides $45MM Facility to Raising Cane
GE Capital, Franchise Finance said it provided a $45 million senior secured credit facility to Raising Cane’s Chicken Fingers, a Baton Rouge, LA-based restaurant chain.
The facility refinances the company’s existing term loan and provides a revolving line of credit. A portion of the funding was provided through GE Capital bank affiliate, GE Capital Bank.
“Raising Cane’s has a great track record of success,” says Ryan Ruud, vice president, GE Capital, Franchise Finance. “We’re pleased to have supported the company during a nine year relationship, and are excited to put a new facility in place to support their next phase of growth.”
“We’ve been working with GE since 2003,” says Brad Sanders, chief business officer, fry cook and cashier, Raising Cane’s. “Because of our relationship, they were able to create a more flexible deal structure which really set them apart.”
GE noted that Todd Graves, the founder of Raising Cane’s, having received a C on the business plan in college, worked several jobs to save enough money to open the first restaurant in 1996 near the LSU campus
Raising Cane’s was founded in 1996 and serves fresh, never frozen, chicken finger meals, including Texas toast, crinkle-cut fries, cole slaw and Cane’s sauce, through 131 restaurants in 16 states.