STRATEGIC PARTNERS
August 5, 2013
Luna Grill, a San Diego-based Mediterranean fast casual concept, has just secured a new store development funding facility from Commerce National Bank (CNB) of Orange County, Calif. This is a progressively increasing line of credit that will pave the way for implementing the chain's expansion plans, said Dave Schroeder, Luna Grill's CFO.
"It re-affirms the progress we have built as a brand and allows us to broaden our use of traditional forms of financing as we continue our expansion," he said.
CNB has scalable equipment financing and will become a primary financial partner, providing Luna Grill the funding capacity for growth.
Steve Tidland, CNB's SVP said that his team "Is excited about working with a robust restaurant group that has developed not only a delicious menu, but an organization capable of executing efficient operations and controlled steady growth."
In a further positive development for Luna Grill's long-term banking relationship, a recent public announcement revealed that CNB is to be acquired by Sterling Financial Corporation this year.
Pacifica Capital — a commercial finance company with an extensive track record in the restaurant industry — was the catalyst in bringing together Luna Grill and CNB. Pacifica's Founder/Managing Partner, Bette Kerhoulas, said the company sees Luna Grill as the right concept at the perfect time.
"Great Mediterranean food, outstanding fast casual service and excellent value! All this managed by a first-class, very talented senior management team," she said.
Pacifica has been providing growth capital for many years to restaurant groups, including Mimi's Café, Applebee's, Souplantation, Jersey Mike's Subs, Burger King and others.
Luna Grill has nine operating stores and several more under development in Southern California and is currently exploring out-of-state opportunities.
"Luna Grill's ongoing success continues to showcase the viability and long-term potential of the Mediterranean food sector," Schroeder said.
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