News

El Pollo Loco franchisee receives $43M for recapitalization efforts

February 11, 2014

GE Capital's Franchise Finance business announced today that it provided $43 million in senior credit to WKS Restaurant Corp., the largest El Pollo Loco franchisee.

According to a news release, the credit facility was used to substantially recapitalize the company. GE Capital serves as administrative agent and GE Capital Markets served as sole lead arranger and bookrunner on the facility.

Headquartered in Costa Mesa, Calif., El Pollo Loco has more than 400 locations in five western states. WKS, based in Lakewood, Calif., has 59 locations in California, Arizona and Utah. WKS also operates 21 Denny's, 18 Krispy Kreme Doughnuts and two Corner Bakery locations in six states. GE Capital has been providing financing to WKS since 2001.

"GE Capital has been with my company throughout the development of my business and the El Pollo Loco brand," said CEO Roland Spongberg, who founded the company in 1987. "They've continued to support me by helping to recapitalize the company at a pivotal time, so I can continue to grow."

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