GE Capital, Franchise Finance recently provided GC Partners, Inc., a Golden Corral franchisee, with an $18.5 million credit facility for store remodeling, new unit development, and debt refinancing. Part of the funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.
“GE Capital’s ability to provide a comprehensive financing solution that improves our cash flow and positions us for future growth and success made them the ideal choice,” said David Gronewoller, President & CEO, GC Partners, Inc. “We were confident in their ability to execute this complex transaction based on their industry expertise and professionalism. We look forward to working with GE Capital for years to come.”
Headquartered in Winston-Salem, North Carolina, GC Partners owns and operates 11 Golden Corral units throughout North Carolina, South Carolina, and Florida.
“GC Partners was working with numerous lenders and obtaining separate financing for each project,” explained Peter Austin, vice president, GE Capital, Franchise Finance. “With our industry expertise and access to capital, we were able to simplify their debt structure with a refinance of all existing debt, provide funding for store remodels, and supply a development line of credit for a new store in Florida.”
Founded in 1973, privately held Golden Corral Corporation is headquartered in Raleigh, North Carolina. Golden Corral currently has 485 restaurants in 41 states. The company’s vision is to be the leader in the family restaurant segment by making pleasurable dining affordable for every guest, at every restaurant, every day.