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Press release from Business Wire

GE Capital Finances Roark Capital's Acquisition of Miller's Ale House

Monday, August 05, 2013

GE Capital Finances Roark Capital's Acquisition of Miller's Ale House

08:00 EDT Monday, August 05, 2013

SCOTTSDALE, Ariz. (Business Wire) -- GE Capital's Franchise Finance business announced today that it has provided financing to an affiliate of Roark Capital Group for the acquisition of Miller's Ale House, a 65-unit casual dining chain based in Jupiter, FL with approximately $300 million in system-wide sales. GE Capital served as administrative agent, with GE Capital Markets serving as joint lead arranger and joint bookrunner.

Roark Capital is an Atlanta-based private equity firm with more than $3 billion in equity capital under management. This transaction marks its 26th multi-unit company, 13th restaurant brand and second full-service restaurant concept. Roark Capital is a long-time GE Capital customer.

“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.”

Miller's Ale House is a sports-themed casual restaurant chain that focuses on high-quality food, great service and exceptional value. Its units are company-owned; the majority are in Florida, with several locations in the New York metro area. It had been owned by private equity firm KarpReilly LLC and founder Jack Miller.

“We're pleased to participate in this acquisition with Roark Capital, one of the largest restaurant-focused private equity sponsors in the U.S.,” 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.”

About Roark Capital Group

Roark Capital Group is a private equity firm focused on middle-market investment opportunities. It primarily invests in consumer and business services companies, with a focus on the franchise sector. Its current portfolio includes the following brands: Carvel Ice Cream, Cinnabon, Schlotzsky's, Auntie Anne's, Corner Bakery, Arby's and Massage Envy, among others. Roark Capital's franchise and multi-unit portfolio comprises over 11,000 locations and $11 billion in system-wide revenues across 50 states and 66 countries. For more information, go to http://www.roarkcapital.com.

About GE Capital, Franchise Finance

GE Capital, Franchise Finance is a leading lender for the U.S. 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. Its team of industry experts works with entrepreneurial customers to help them develop individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools. For more information, visit http://www.gefranchisefinance.com or follow company news via Twitter (https://twitter.com/GELendLease).

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (https://twitter.com/GECapital).

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

GE Capital, Americas
Lisa Tibbitts, 203-956-4582
lisa.tibbitts@ge.com

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