Victory Park Capital (VPC) secured a $51 million credit facility from GE Capital, Franchise Finance and Citizen’s Bank to refinance existing VPC debt and fund long-term growth initiatives of Giordano’s, a world-famous stuffed pizza restaurant chain based in Chicago.
The facility will contribute to corporate and franchise expansion in key markets outside of Chicago and help fund the development of business enhancements impacting Giordano’s growth strategy. The company’s long-term development plan includes the opening of new Giordano’s restaurants in a number of new markets outside of the current operating footprint. The recapitalization will provide the business with incremental growth capital to support the capital expenditures for expansion.
“We were impressed with GE Capital’s proven reputation as one of the largest lenders in the restaurant finance sector and are confident they will offer strategic value to the overall growth strategy for Giordano’s,” said Chad Peterson, principal at VPC. “The latest credit facility will provide Giordano’s with significant flexibility to continue to execute on its development plan.”
“The new capital represents the next step in the continued development of our business,” said Giordano’s CEO Yorgo Koutsogiorgas. “We look forward to working with a team as experienced in the franchise sector as GE Capital and believe Giordano’s is well positioned for future growth.”
Giordano’s Famous Stuffed Pizza has been serving pizza since 1974, when founders and immigrants brothers Efren and Joseph Boglio became discouraged by the lack of their style of stuffed pizza available in the Chicago area. Giordano’s currently operates company as well as franchised restaurants in Illinois, Indiana and Florida.