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GE Capital Canada Provides Original Joe’s With $49MM Facility

October 29, 2013, 07:26 AM
Filed Under: Restaurant

GE Capital's Canadian Franchise Finance business announced that it has provided Original Joe's Franchise Group Inc. (OJ's) and parent company Franworks Franchise Corp. with an expanded, $49 million senior credit facility. GE Capital, Canada served as lender and sole lead arranger of the facility.

Headquartered in Calgary, Alberta, Original Joe's is a full-service casual restaurant and bar with 60 locations, comprised of a mix of corporate-owned, joint venture and franchised units. It also operates seven corporate-owned restaurants under the State & Main banner.

OJ's will use a portion of the facility to refinance an existing loan; the remainder will be put toward the construction of new Original Joe's and State & Main restaurants across Canada.

"This new loan provides us with significant capital to carry out our growth strategy for both brands," said Derek Doke, president and CEO of OJ's. "With GE Capital's help, we can expand our business in established markets and branch out into new markets."

"We are proud to be a part of Original Joe's impressive growth story; building financial capacity as it pursues its corporate initiatives, and becoming a force in the Canadian restaurant industry," said Edward Khediguian, senior vice president of GE Capital's Franchise Finance business in Canada.

GE Capital, Franchise Finance is a leading lender to the franchise finance market, serving the restaurant and hospitality industries. In the Canadian hotel market, GE Capital Franchise Finance provides financing for nationally known brands in the limited and select-service segments of the industry.

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