Smashing expansion plans
by Meat&Poultry Staff
DENVER – Smashburger secured $35 million in financing through Golub Capital.
The hamburger-based chain plans to use the line of credit to finance expansion plans. The company is forecasting 30 percent new unit growth for 2013. Smashburger expects to open up to 60 company and franchise locations to end the year close to 250 restaurants and another 300 units by the end of 2014.
“At just over 200 locations today, we see significant runway for growth across the United States and internationally,” said Dave Prokupek, chairman and CEO for Smashburger. “We are very pleased to partner with Golub Capital to access additional financing that will assist us in executing on our growth plans going forward. The team at Golub shares our belief in the growth opportunity for Smashburger and we look forward to continuing the process of establishing Smashburger as the leading better burger concept globally.”
Smashburger has agreements for more than 250 franchise locations in the works that are expected to open over the next several years, across the US and internationally. Target markets include Canada, the United Kingdom and Australia.