GE Capital’s Franchise Finance business announced that it has provided a $30.7 million loan to Serazen LLC to refinance debt and to acquire and reimage 50 Hardee’s units in Greensboro and Wilmington, North Carolina, and Columbia and Florence, South Carolina.
As part of the acquisition, Serazen has also agreed to build 14 new Hardee’s restaurants over the next six-and-a-half years in those markets. Based in Orange, California, the company currently owns and operates 69 Papa John’s units.
“As part of our Hardee’s refranchising initiative, we sold restaurants in four markets across the Carolinas to Serazen, a strong, well-respected operator that’s committed to growing our brand,” says Jim Sullivan, senior vice president, domestic franchise development, at CKE. “GE Capital's responsiveness and expertise in the capital markets, the restaurant sector and these types of transactions were an integral part of bringing this deal to a successful close.”
CKE Restaurants Holdings Inc., through its operating subsidiaries, owns, operates, and franchises quick-service restaurants under the Hardee’s and Carl’s Jr. banners. Its system includes more than 3,500 restaurant locations in 44 states and in 35 foreign countries and U.S. territories worldwide.
“GE Capital’s focus on the restaurant industry enabled them to support our strategy to expand into a new restaurant brand,” says Doug Pak, president of Serazen. “I’m grateful to have them as a financing resource to rely on throughout the process.”
“Our experience with refranchised transactions allowed us to provide Serazen with certainty of execution and a quick close,” says Todd Cortell, a managing director with GE Capital, Franchise Finance. “It’s always a pleasure to see our customers grow and thrive in their communities.”