BciCapital, the commercial finance arm of City National Bank of Florida (CNB), provided $25 million in financing that enabled Excel Investments to acquire a controlling interest in 22 Sonic Drive-In restaurants in Tennessee. The transaction facilitated the expansion of Excel Investments’ existing chain of Sonic locations. Excel Investments is owned by Sonic franchisee Brent Johnson, who has owned dozens of restaurant franchise units in the Midwest and Southeast U.S. over the past 30 years and has won several national awards from the Sonic Drive-In chain.
“BciCapital Franchise Finance was a great partner that facilitated flawless execution of the financing in support of our acquisition,” Brent Johnson says.
Excel Investment’s newly acquired Sonic Drive-In units are located in Ardmore, Franklin, Brentwood, Chapel Hill, Columbia, Dickson, Fairview, Hohenwald, Linden, Loretto, McEwen, Nolensville, Pulaski, Spring Hill, and Waynesboro.
Orlando-based BciCapital is a growing commercial finance firm with more than $1 billion in assets. It’s franchise finance division, BciCapital Franchise Finance, directly finances acquisitions, new store development, remodels and location upgrades, partner buyouts, real estate and debt consolidations, and refinances with typical credit facilities in the $5-50 million range. BciCapital has financed franchises across a range of well-known brands, including Planet Fitness, Wingstop, Jimmy John’s, Dunkin Donuts, Panera Bread, Domino’s Pizza, Massage Envy, and others.
“Excel Investments is BciCapital's model franchisee – a seasoned operator that understands the restaurant business and has a strong track record of operating a top, national brand like Sonic Drive-In units, and who is looking to grow,” BciCapital CEO Eric Miller says. “More and more, we’re seeing franchise business owners growing their operating footprint to meet consumer demand, and BciCapital stands ready to provide the funding they need.”
In addition to BciCapital’s Franchise Finance portfolio, the firm also finances corporate aviation, large-ticket equipment, and ESG initiatives including renewable energy projects.