In the midst of a tight credit market in which franchisees are scrambling to find financing, Scottsdale, Ariz.-based GE Capital, Franchise Finance has announced it has completed a $12 million loan to Tribox LLC for the purchase of 14 Jack in the Box units and the refinancing of some existing debt. Tribox owns and operates seven Jack in the Box franchise units in the Dallas area.
"We're happy to help Tribox grow and expand their reach in Dallas," says Dave Stansbery, vice president, GE Capital, Franchise Finance. "We are committed to helping restaurants grow by offering access to capital and providing flexible financing options."
This is the first financing agreement between GE Capital's Franchise Finance and Tribox.
"Our relationship with GE Capital will help us extend our reach within the Jack in the Box franchise and connect with additional customers in Dallas," said Chris Aslam, a Tribox LLC partner. "We're excited to work with GE Capital, Franchise Finance because of their longstanding dedication to the restaurant business and commitment to helping franchisors and franchisees grow and prosper."
Jack in the Box Inc., which is 41 percent franchise operated, is in the midst of a refranchising effort and announced earlier this week that it is on track with its long-term goal to increase franchise ownership to approximately 70 percent to 80 percent of its system.
