Foodtastic closes $175M revolving debt facility to fund acquisitions
by CM staff
The lending group is led by National Bank of Canada and includes Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank, Canadian Western Bank and the Business Development Bank of Canada.
(CNW Group/Foodtastic)
MONTREAL — Foodtastic Inc., a franchisor of restaurant brands in Canada, has closed a $175 million revolving debt facility to fund acquisitions.
The lending group is led by National Bank of Canada and includes Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank, Canadian Western Bank and the Business Development Bank of Canada. Commitments were oversubscribed and Foodtastic expects to expand the facility to support further growth.
This new debt is in addition to the existing equity investment of Restaurant Royalty Partners, a joint venture of Oaktree Capital Management, L.P. and JHR Capital LLC.
“Our new debt facility will allow more leading restaurant brands to find a home in the Foodtastic portfolio,” said Peter Mammas, President and CEO, Foodtastic.“Our access to capital, brand management track record and reputation for an efficient transaction process continue to make us a buyer of choice in North America.”
