Feast Foods LLC, a newly formed entity that owns more than 100 Jack in the Box restaurants in California, Texas and Oklahoma, said Jan. 17 it received $18 million in financing from a GE Capital Financial unit to purchase 51 additional Jack’s restaurants in the Western U.S.
The financing includes a $16.2 million term loan and a $1.7 million development line of credit for the acquisition of the 51 units of San Diego-based Jack in the Box in Washington, Idaho and Oregon.
Jack in the Box has been divesting itself of company owned restaurants for about six years and during this time sold about 1,000 units to franchises. In the last fiscal year, the company sold 322 restaurants for about $61 million, according to past company financial reports.
— Mike Allen