Daily News: February 23, 2012

GE Capital Provides $19MM to Original Joe’s for Acquisition

GE Capital, Franchise Finance said it has provided a $19 million senior term loan facility to Original Joe’s Franchise Group to support the acquisition of all of the assets of Elephant & Castle Group out of bankruptcy.

Derek Doke, majority owner, Original Joe’s Franchise Group said, “We know from our existing relationship with GE Capital that they bring a lot of expertise in restaurant financing to each transaction. We are very pleased with this outcome.”

“We are glad to be able to build on our relationship with Original Joe’s and support them in this acquisition,” explained Edward Khediguian, senior vice president, GE Capital, Franchise Finance, Canada. “We look forward to working with them as they continue to grow.”

Original Joe’s Franchise Group is based in Calgary with establishments located across Alberta, Saskatchewan, Manitoba and BC. Original Joe’s has expanded from four to 45 locations in less than ten years, making it one of the fastest growing restaurant systems in Canada.

Elephant & Castle is an authentic English pub concept. The first restaurant opened in 1977 in Vancouver BC and the chain has grown to 19 establishments located across the United States and Canada from Toronto, Boston and Chicago to Vancouver, San Diego and San Francisco.