CWB Franchise Finance partners with Mercatto Hospitality Group on development line facility
July 12, 2018 --
MISSISSAUGA, Ontario, July 12, 2018 (GLOBE NEWSWIRE) -- CWB Franchise Finance (CWB), a division of CWB Financial Group, has provided a debt consolidation term loan, a relocation financing term loan and a development line facility to Mercatto Hospitality Group (Mercatto). The Canadian restaurant brand, open since 1998, operates five restaurants in downtown Toronto and is run by Jack Scarangella, Domenic Scarangella and Steve Christian. The funds will be used to assist with development of new locations, as well as renovations and updates of existing units as required.
“We’re excited to have put together an all-inclusive financing package tailored to Mercatto’s short- and long-term needs,” explained Dimitri Mazur, senior manager at CWB Franchise Finance’s restaurant division. “This financing supports the relocation of their original restaurant on Toronto Street to Wellington Street, and provides immediate access to funds for future projects over a two-year period, with approval and document completed upfront. We appreciate the opportunity to work with Mercatto’s highly-successful team, and look forward to assisting them with their upcoming projects.”
“Mercatto Restaurants is always looking for opportunities to expand and refresh existing locations,” noted Jack Scarangella, Mercatto Hospitality Group’s co-founder and partner. “This development line allows us to be nimble when it comes to bidding on new sites or projects. CWB’s domain expertise is second to none in the restaurant industry and their connections are a true testament of their knowledge in the space. It has been a pleasant and rewarding experience so far and we look forward to many years of collaboration.”
About CWB Franchise Finance CWB Franchise Finance, a division of CWB Financial Group, specializes in financing for regional and national restaurants and hotels and is a leading lender to the Canadian restaurant and hospitality industries. Previously GE Capital Canada’s franchise financing arm, CWB Franchise Finance was acquired by CWB Financial Group in 2016 following a successful track record of more than 800 clients with upwards of 1,525 property locations over 14 years. To date, more than $3 billion has been invested in the Canadian hotel and restaurant space. Learn more at www.cwbfranchise.com.
About CWB Financial Group CWB is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB’s key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Motive Financial. Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, CWB kNational Leasing, CWB Maxium Financial, CWB Franchise Finance and CWB Optimum Mortgage. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols “CWB” (common shares), “CWB.PR.B” (Series 5 Preferred Shares) and “CWB.PR.C” (Series 7 Preferred Shares). Learn more at www.cwb.com.
About Mercatto Hospitality Group Mercatto Hospitality Group is a privately-owned, Toronto-based company offering a premium-casual feel and a fresh, regional, Italian menu with a heavy focus on pizza and pasta. Mercatto opened their first location on Toronto Street and their second, named “Locale Mercatto”, on Bay Street. Mercatto then opened a location on College Street, followed by “Trattoria Mercatto” inside the Toronto Eaton Centre. “Taverna Mercatto” was their fifth restaurant, located on Bremner Boulevard. The group also owns the restaurant Constantine located within the newly opened boutique hotel “The Anndore House”, and the high-profile “La Palma”. Visit them online at www.mercatto.ca.
For more information:
Vice President, Franchise FinanceCWB Franchise Finance
Email : [email protected]
Co-founder and Partner
Mercatto Hospitality Group