News

GRILLiT lands up to $3M to grow concept

July 26, 2013

GRILLiT, a fast casual concept focused on healthy cuisine, has executed a revolving credit facility with TCA Global Credit Master Fund, receiving the initial drawdown of $250,000 July 18. Upon consent of the lender, it may draw down additional amounts on the same terms up to a total amount of $3 million, according to a company press release. The chain plans to use the line of credit to carry out its expansion strategy by funding the acquisition and build out of GRILLiT store locations and funding additional marketing/branding campaigns.

The company is using the initial sum for working capital, inventory, marketing programs and initial capital requirements for the acquisition and retrofit of its third location adjacent to the University of Miami, previously announced July 17, said GRILLiT Chairman and CEO Ghazi Hajj.

"Access to this credit facility will greatly strengthen our capacity to carry out our expansion for our corporately owned and future franchise locations," he said.

It is important for shareholders to understand that this financing is a debt financing with a limited equity kicker, said GRILLiT's COO and board member, Raymond Dias.

"We believe that this facility will reduce the need to issue equity in order to fund each additional new store location," he said.

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