PHOENIX—GE Capital's Franchise Finance business has provided $31 million to United Restaurant Group, LP in a combined sale-leaseback and refinancing. GE Capital served as administrative agent and GE Capital Markets served as sole lead arranger and book runner on the senior debt facility.
Based in Richmond, VA, URG is the second-largest franchisee of TGI Friday's. It owns and operates 29 restaurants in Virginia, Delaware, North Carolina and South Carolina. The funds will be used to eliminate debt, continue reimaging projects and prepare for future growth. GE Capital has been a lender to the company since 2011.
“We work with GE Capital because they understand the franchise business as well as our vision for the company,” says Tony Grillo, president and CEO of URG. “The new structure allows us to accelerate our operational strategies, including remodeling, which will result in higher value to our partners.”
“We were able to help position the company for growth,” says John Sullivan, a senior vice president with GE Capital, Franchise Finance. “We've built a strong relationship with Tony and his team and we look forward to their continued success.”
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