GE Capital’s Franchise Finance business has provided financing to Roark Capital Group for the acquisition of Miller’s Ale House. GE Capital served as administrative agent, with GE Capital Markets serving as joint lead arranger and joint bookrunner.
Miller’s Ale House is a 65-unit casual dining restaurant chain with approximately $300 million in system-wide sales. The menu offers steaks, seafood, pasta, salads, sandwiches and desserts. The chain’s full-service bar features more than 75 beers, plus wine and liquor. The company was founded in 1988 by Jack Miller (CEO) and is headquartered in Jupiter, FL (www.millersalehouse.com).
“Based on GE Capital’s experience in the restaurant industry and its dedicated resources, it was clear that they were the right choice to team up with on this transaction. As expected, they were able to deliver a seamless execution,” said Ezra Field, a partner at Roark Capital. “We were pleased with the expertise and commitment of the entire deal team.”
Roark Capital Group invests in consumer and business services companies, with a focus on the franchise, food and restaurant, specialty retail, environmental services, waste management, and marketing services sectors. The firm has $3 billion in equity capital under management and is based in Atlanta (www.roarkcapital.com).
GE Capital, Franchise Finance is a lender to the US franchise finance market via direct sales and portfolio acquisitions. With more than 30 years of experience and over $7 billion in served assets, it provides financing to more than 2,000 customers. The business specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries (www.gecapital.com).
“We’re pleased to participate in this acquisition with Roark Capital, one of the largest restaurant-focused private equity sponsors in the US,” said Bill Kraus, a managing director at GE Capital, Franchise Finance. “Although M&A in the restaurant business was relatively slow in the first half of this year, we’ve been able to sustain our momentum. The ability to leverage multiple co-investment programs in this transaction — in addition to our capital markets successes earlier in the year — helped us deliver for our customer.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-6-13