SVP; Trish Halliwell, account manager, restaurant finance; Patrick Schofield, portfolio manager; Tara Mascitelli, risk manager; Dimitri Mazur, account manager, Restaurant Finance; Wendy Black, documentation specialist; Ian Ricci, account manager, Hotel Finance; and Jacob Mancini, senior manager, Restaurant Finance.”>
MONTREAL — Canadian Western Bank has purchased the GE Canadian Capital Franchise Finance portfolio in a deal that closed June 30. Headed by senior vice-president Ed Khediguian, the group provides financing for the hotel and restaurant sectors.
“I am excited about this because it will be a reset to another fun run with a great team and an opportunity to build back up a business with products and processes that add some value to clients,” Khediguian told CLN.
GE started selling out of all their capital businesses over the last year or so.
“The intent is to re-establish a relevant and robust set of products and processes for the Canadian hotel and restaurant sectors and re-grow the business to levels it had demonstratively achieved over its 14 year history in Canada,” said Khediguian. “So my business, the one I have run at GE over the last 14 years, both assets and platform, now transfers over to Canadian Western Bank (CWB) at the end of June. My team and myself will also transfer over to CWB at the end of June and re-build this business moving forward.”
Highlights of the deal include the following:
o CWB wants to build and broaden across the hotel and restaurant sectors nationally
o The transaction keeps the team together and leverages the average team tenure of 10 years of in place/role expertise to re-grow
o Canadian ownership and Canadian market, industry, and specialized focus
o CWB is a smaller bank with a strong entrepreneurial and specialized culture
CWB is committed to support the future growth the franchise finance business after the transaction closing date. Franchise finance will be operated as extension of CWB’s commercial banking focus with the same team of experts currently employed by GE.
“We will maintain a distinct industry focus and brand, likely under a new banner of CWB Franchise Finance,” said Khediguian. “CWB is committed to grow in a focused and specialized basis within the hotel and restaurant sectors, on a national basis, through the Franchise Finance platform.
Khediguian sees this as an opportunity for the platform as CWB is a Canadian institution. “There will be commitment, and perspective to the sector — no retrenchment from the country like GE, GMAC, Bank of America etc.”
He expects CWB’s ownership to increase the service options the team can provide to its customers in the future, including additional financing options and comprehensive commercial banking services.