Sterling National Bank’s franchise finance group provided a development line of credit totaling $1.1 million to Scordia Restaurant Group and Lepsco, a combined four-unit Burger King franchisee in Ohio, which will use the credit facilities to support the remodel of two existing units.
Creating Brand Relevancy: Wooing Millennials, Personalizing Service to Turnaround Casual Dining Chains
For more than a decade, casual dining chains like Applebee’s and Ruby Tuesday thrived, catering to baby boomers and their families. Now, a different sort of customer has emerged, and CD restaurants are struggling to maintain brand relevancy. Nishant Machado offers suggestions for CD management, lenders and turnaround pros serving the industry.
On February 15, Popeyes Louisiana Kitchen amended its credit agreement with Wells Fargo as administrative agent, providing a $150 million revolver expansion. On February 21, Restaurant Brands International, the parent company of Burger King, purchased Popeyes for $1.8 billion.
ABF Journal illustrator Jerry Gonzalez provides his take on Wells Fargo and JPMorgan Chase’s commitment to provide a $9.5 billion debt financing package to support the recently announced Burger King/Tim Horton’s merger.
Reuters reported Burger King Worldwide is lining up a $7.25 billion loan package to finance its $11.5 billion acquisition of Tim Hortons, sources told Reuters.
American Realty Capital announced it has agreed to purchase from GE Capital an $807 million portfolio of 471 net lease properties that include ten nationally recognized brand restaurants.
PNC Riverarch, a division of PNC Capital Finance, announced the acquisition of a controlling interest in Goldco, one of the largest Burger King franchisees in the U.S.