G.E. Capital Services (NYSE: GE) will provide $8.4 million in financing to Ghai Management Services Inc, a franchisee for Burger King based in Fremont, CA.
The firm plans on using the funds to acquire eight additional Burger King restaurants.
“Having worked with Ghai Management Services since 2001, our strong relationship greatly facilitated the timely closing of the acquisition financing,” said Allen Johnson, vice president of GE Capital, Franchise Finance.
“We’ve done numerous deals with GE Capital. We trust them, and know the job will get done on time,” says Sunny Ghai, president of Ghai Management Services.
“Establishing a strong relationship with GE Capital provides us with a proven source of capital to support our plans to grow the BURGER KING brand in our markets,” says Harsh Ghai, director of operations of Ghai Management Services.
Burger King Holdings, Inc. (BKH) is a fast food hamburger restaurant (FFHR). As of June 30, 2009, the Company owned or franchised a total of 11,925 restaurants in 73 countries and United States territories, of which 1,429 restaurants were Company restaurants and 10,496 were owned by its franchisees. Of these restaurants, 7,233 or 61% were located in the United States and 4,692 or 39% were located in its international markets. BKH’s restaurants feature flame-broiled hamburgers, chicken and other specialty sandwiches, french fries, soft drinks and other food items. The Company generates revenues from three sources: retail sales at Company restaurants; franchise revenues, and property income from restaurants that BKH leases or subleases to franchisees. The Company operates in three reportable segments: the United States and Canada; Europe, the Middle East, Africa and Asia Pacific (EMEA/APAC), and Latin America.
Shares of General Electric Co. (NYSE: GE) traded up 0.25% on Tuesday hitting $16.18.
