CIT Canada announced it provided financing to Dynapple Management, the largest multi-unit Applebee’s franchisee in Canada with 13 Applebee’s Restaurants across Ontario, Manitoba, Saskatchewan and Alberta.
The franchise financing will be used to refinance existing debt.
Financing was provided by CIT Financial, a CIT Group affiliate. Terms of the transaction were not disclosed.
David Snutch, president of Dynapple Management said, “We were seeking a financing partner that truly understands the restaurant sector and our particular business. The industry is constantly evolving, and we wanted a long-term partner with the flexibility to grow with us. CIT is that partner.”
Tom de Larzac, senior manager, CIT Franchise Finance, CIT Canada, said, “Dynapple has demonstrated a long-term track record operating successfully with a focus on consolidating markets and improving margins. CIT is very pleased to partner with Dynapple and the iconic Applebee’s brand as we expand our franchise finance platform across North America.”