Fulenwider Enterprises, Inc. and its affiliated entities (“Fulenwider”), a Morganton, North Carolina-based Kentucky Fried Chicken (“KFC”) and Taco Bell franchisee primarily owned by Charles Fulenwider and Michael Fulenwider, has secured a total of $85.0 million of financing, including a $75.0 million term loan and a $10.0 million development line of credit. The loans were used to refinance the company’s existing debt, finance the acquisition of 18 KFC stores and provide capital for remodels and development of new restaurants. Fulenwider operates 106 restaurants including 53 KFC restaurants, 40 Taco Bell restaurants and 13 co-branded KFC/Taco Bell restaurants throughout the Southeast.
Auspex Capital advised management on the structure of the credit facilities and acted as the debt placement agent to Fulenwider for the transaction.
