GE Franchise Finance Enters Powersports Industry
February 7, 2006
Filed under Uncategorized
GE Commercial Finance, Franchise Finance division recently marked its first foray into the powersports industry through the completion of two real estate financing deals totaling $25 million. The deals provide financing for Brentwood, Tenn.-based America’s PowerSports and Kent PowerSports LP of San Antonio.
America’s PowerSports received $18.5 million to consolidate its debt. Formed in November 1998, America’s PowerSports owns 17 motorcycle dealerships in eight states and is one of the largest retail powersports dealer networks in the nation.
Kent PowerSports, owned by Five-time MLB All-Star and 2000 National League MVP Jeff Kent, received $6.3 million in financing to acquire real estate at its two locations. Kent’s motorcycle dealership group in south Texas presently includes Yamaha of San Antonio, the largest volume selling Yamaha dealership in Texas, and 35 North Honda, the only Honda Powerhouse dealership in south Texas.
With more than $11 billion in served assets, GE Commercial Finance, Franchise Finance serves more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. The firm offers financing for acquisitions, refinancing, construction of new units, and remodels for single- and multi-unit operators/chains.
“These two landmark deals for Franchise Finance are the first steps our business is taking to enter the powersports market,” said Cliff Kraushaar, vice president of brand finance, GE Commercial Finance, Franchise Finance.