News

Serazen acquires 50 Hardee’s units

GE Capital’s Franchise Finance business has provided a $30.7 million loan to Serazen LLC to refinance debt andacquire and re-image 50 Hardee’s units in Greensboro and Wilmington, North Carolina and Columbia and Florence, South Carolina.

August 4, 2015

GE Capital’s Franchise Finance business has provided a $30.7 million loan to Serazen LLC to refinance debt and to acquire and re-image 50 Hardee’s units in Greensboro and Wilmington, North Carolina and Columbia and Florence, South Carolina, according to a company press release.

As part of the acquisition, Serazen has also agreed to build 14 new Hardee’s restaurants over the next six years in those markets. Based in Orange, California, the company also owns and operates 69 Papa John’s units.

"As part of our Hardee’s refranchising initiative, we sold restaurants in four markets across the Carolinas to Serazen, a strong, well-respected operator that’s committed to growing our brand," said Jim Sullivan, senior VP, domestic franchise development at CKE, former owner of the units. "GE Capital's responsiveness and expertise in the capital markets, the restaurant sector and these types of transactions were an integral part of bringing this deal to a successful close."

CKE Restaurants Holdings, through its operating subsidiaries, owns, operates and franchises quick service restaurants under the Hardee’s and Carl’s Jr. banners. Its system includes more than 3,500 restaurant locations in 44 states and in 35 foreign countries and U.S. territories worldwide.

"GE Capital’s focus on the restaurant industry enabled them to support our strategy to expand into a new restaurant brand," said Doug Pak, president of Serazen. "I’m grateful to have them as a financing resource to rely on throughout the process."