GE Franchising Invests $40M In Back Bay Restaurants

GlobeSt.com:

The Back Bay Restaurant Group here has received $40 million from GE Capital Solutions, Franchise Finance, in part to help grow the multi-chain operator. Existing debt will be paid with $25 million of the loan, while the remaining $15 million will go toward new stores and renovations.

Back Bay owns the East Coast chains Abe & Lou’s, Atlantic Fish, Bouchee, Charley’s, Coach Grill, Joe’s and Papa Razzi, totaling 33 restaurants in all. Management is planning 2 new restaurants this year with locations in Framingham, MA; and Boston, as well as a renovation of its Paramus, NJ; unit.

Back Bay founder Charles Sarkis opened his first restaurant in 1964. The company grew to 17 units in 1988, and now the establishments are in a venues ranging from malls to urban areas.