Friendly Franchisees Corporation (“FFC”), a Southern California-based Carl’s Jr. restaurant operating company owned and operated by long-time quick-service industry entrepreneur Harshad Dharod, has obtained a total of $35,000,000 in new loan commitments, including a development line of credit and a revolving line of credit. The loans were used to refinance existing debt, provide capital for remodels of the restaurants, fund a special dividend to shareholders and provide seasonal working capital needs. FFC owns and operates 65 Carl's Jr. restaurants in the Los Angeles (57) and San Francisco (8) metropolitan DMAs. Auspex Capital acted as the financial advisor and debt placement agent for this transaction.
