Thursday 20 April 2017

20 April 2017 - US-based franchise industry-focused online lender ApplePie Capital has acquired US-based national franchise lending consultancy Funding Solutions, LLC, the firm said.

Terms of the deal were not disclosed.

Funding Solutions is a six-person franchise loan consulting firm based in Michigan that has connected thousands of franchisees with SBA, conventional and equipment loans since 1999.

The Funding Solutions brand is merging into the ApplePie brand, allowing ApplePie to add deep industry knowledge to its team and more comprehensively address the needs of franchisees.

ApplePie Capital also appointed franchise industry veteran Ronald Feldman as chief development officer.

Funding Solutions specialises in SBA, conventional and equipment finance loans.

Feldman and Funding Solutions' managing partner Randy Jones will join ApplePie's leadership team.

ApplePie said the additions position it financial platform to offer new product options, an expanded network of lending sources and an wealth of franchise finance expertise for its franchisor partners.

Currently, ApplePie serves more than 40 franchisors including Orangetheory Fitness, Jimmy John's, Jersey Mike's and Marco's Pizza.

Responsible for growing ApplePie's brand portfolio and contributing to product strategy, Ronald Feldman comes to the company with more than 20 years of experience in franchise leadership and franchise financing.

He previously served as chief development officer at FranData, the industry leader in market research, and as a principal and co-founder of Franchise America Finance and The Siegel Financial Group.

Feldman was also an early franchisee of The Goddard School system.

As an active advocate of the franchising business model, Feldman currently serves the International Franchise Association as chair of the Supplier Forum advisory board and sits on both the board of directors and the Executive Committee of the association.

Since it started lending in January 2015, ApplePie has formed partnerships with 43 franchise brands, funded over USD 65m in loans and returned over USD 12m in principal and interest to investors.

Headquartered in San Francisco, ApplePie Capital is an online lender that brings a new economy to franchise financing.

The firm's franchise loan marketplace enables single- and multi-unit franchisees to obtain financing to start or expand their franchise business.