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CIT Canada Provides $8MM in Franchise Financing to BLCO Group

April 07, 2014, 08:02 AM
Filed Under: Restaurant

CIT Canada, a leader in providing lending, leasing and advisory services to small businesses and middle market companies, today announced that it provided $8 million in franchise financing to the BLCO Group, one of the largest multi-unit Kentucky Fried Chicken (KFC) franchisees in Canada. The franchise financing will be used to refinance debt and for capital improvements for 13 KFC’s in Alberta and 3 KFCs in British Columbia. Financing was provided by CIT Financial Ltd., a CIT Group affiliate.  Terms of the transaction were not disclosed. CIT Group is a U.S. bank holding company.

“This transaction highlights our ability to meet the franchise financing needs of the quick service restaurant sector anywhere in Canada,” said Douglas McKenzie, Specialty Finance Leader, CIT Canada. “BLCO has demonstrated a commitment to innovation and brand development, having successfully operated KFC franchises for nearly two decades. We’re pleased to put our knowledge to work for such a high caliber franchise group with a significant development plan.”

Don Lloyd, Managing Partner of the BLCO Group, said, “CIT was able to meet our financing requirements in a short timeframe in a desirable structure. The financing and expertise CIT brought to this transaction helps us continue to grow our portfolio. We look forward to future growth opportunities with this new partner.”

CIT Canada provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: chemicals, communications, energy, entertainment, gaming, healthcare, industrials, public sector debt, information services and technology, restaurants, aerospace, retail, sports and media, and transportation and construction. It creates tailored equipment financing and leasing programs for manufacturers, distributors and product resellers across industries that are designed to help them increase sales.

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