LORTON Va. Five Guys Burgers and Fries recently received a new shot of growth capital after doubling the size of its credit facility with GE Capital, Franchise Finance.
The fast-casual burger specialist closed on a $30 million facility, made up of a $5.25 million revolving line of credit and a $24.75 million term loan. Funding was provided through GE Capital Financial Inc., the bank affiliate of GE Capital, Franchise Finance.
Peter Hanson, Five Guys' chief financial officer, said GE Capital's "longstanding experience in our industry helps us see the opportunity for a strong relationship in the future."
Founded in 1986 in Arlington, Va., Five Guys now has nearly 500 locations in 36 states that feature a streamlined menu of hamburgers, hot dogs and French fries.
Sometimes compared to In-N-Out Burger on the West Coast, Five Guys is a leader in the "better burger" segment, which also includes Smashburger, Goodburger and The Habit Burger Grill.
Contact Paul Frumkin at [email protected].