SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
GE Capital’s Franchise Finance business announced today that it provided
$43 million in senior credit to WKS Restaurant Corp. The credit facility
was used to substantially recapitalize the company. GE Capital serves as
administrative agent and GE Capital Markets served as sole lead arranger
and bookrunner on the facility.
Headquartered in Costa Mesa, CA, El Pollo Loco is the leading
fire-grilled chicken and Mexican quick service restaurant with over 400
locations in five western states. WKS, based in Lakewood, CA, is the
largest El Pollo Loco franchisee, with 59 locations in California,
Arizona and Utah. WKS also operates 21 Denny’s, 18 Krispy Kreme
Doughnuts and two Corner Bakery locations in six states. GE Capital has
been providing financing to WKS since 2001.
“GE Capital has been with my company throughout the development of my
business and the El Pollo Loco brand,” said CEO Roland Spongberg, who
founded the company in 1987. “They've continued to support me by helping
to recapitalize the company at a pivotal time, so I can continue to
“We’re focused on helping franchisees of regional brands like El Pollo
Loco expand,” said Todd Cortell, a senior vice president at GE Capital,
Franchise Finance. “Putting our brand knowledge and the reach of our
capital markets business to work for WKS allowed us to bring certainty
of execution to a long-time customer, so they can continue to achieve
their ambitious growth objectives.”
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the U.S. franchise
finance market via direct sales and portfolio acquisitions. With more
than 30 years of experience and over $7 billion in served assets, it
provides financing to more than 2,000 customers and 14,000 properties.
The business specializes in financing mid-market operators with multiple
stores in the restaurant and hospitality industries. Its team of
industry experts helps them realize their individualized growth plans.
GE Capital, Franchise Finance customers also receive access to its
proprietary industry research and cutting-edge digital tools. For more
information, visit http://www.gefranchisefinance.com
or follow company news via Twitter (https://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
GE Capital, Americas
Lisa Tibbitts, 203-956-4582
Source: GE Capital