GE Capital is in the market with a $175 million deal for Garden Fresh Restaurant Corp. The deal comprises a $25 million revolver, a $113 million first-lien term loan and a $37 million second lien. Pricing is LIBOR plus 2 3/4% on the first lien and LIBOR plus 7% on the second lien.
The company operates more than 90 Souplantation and Sweet Tomatoes restaurants. Sun Capital Partners just bought Garden Fresh from a partnership made up of Centre Partners Management, Fairmont Capital and Northwestern Mutual Life Insurance Co. The Garden Fresh executive team has retained a small ownership. Piper Jaffray & Co. acted as financial advisor to Garden Fresh for the transaction. David Qualls, Garden Fresh's cfo and secretary, could not be reached. Calls to a GE banker were not returned. A spokesman for Sun Capital declined comment, citing the firm is in a quiet period.