GE Capital Provides $8.4 Million to Burger King Franchisee
Tuesday, July 27, 2010
GE Capital, Franchise Finance is providing $8.4 million in financing to Ghai Management Services, Inc., a Burger King franchisee based in Fremont, CA. The funds will be used to acquire eight Burger King fast food restaurants. Financing was provided through the GE Capital, Franchise Finance bank affiliate, GE Capital Financial Inc.
"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.
Including the new units, Ghai Management Services now owns and operates 24 Burger King fast food restaurants in northern California and southern Oregon.
"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. Ghai Management Services is a family operation. Sunny Ghai's son, Harsh, has been looking for investment opportunities to help grow their portfolio.
"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 operates more than 12,000 restaurants worldwide. Approximately 90% of Burger King restaurants are owned and operated by independent franchisees.
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