GARDEN FRESH ANNOUNCES SUCCESSFUL REFINANCING
SAN DIEGO, October 28, 2013 – Garden Fresh Restaurant Corp. announced today that it has successfully completed a refinancing of its debt facilities that provides the resurgent company with additional flexibility to drive growth. As part of the refinancing the company announced that its primary ownership group had provided a new cash infusion.
“This refinancing solidifies our capital base and gives us the opportunity to accelerate the significant improvements we continue to make in our business,” said Garden Fresh CEO David Goronkin, who joined the Souplantation and Sweet Tomatoes parent during mid-2012. “We have an outstanding executive group in place, our restaurant teams are fired up and improving execution, and we now can turn 100 percent of our focus to continuing to elevate our brands and setting the stage for new growth.”
The refinancing, which was led by Garden Fresh CFO John Morberg and his team, includes more than $135 million of new capital funding. Proceeds from the refinancing were used to retire existing debt and provide additional liquidity for growth.