Flat Out Crazy Restaurant Group, the Chicago-based parent company of Stir Crazy Fresh Asian Grill and FlatTop Grill restaurants, has completed a $3m Senior Revolving Credit Facility by U.S. Bank (NYSE:USB) and a $5m Mezzanine Growth Loan by The HillStreet Fund IV.
These deals add to the $4m in equity raised with the August 2009 merger of the two Asian restaurants that formed Flat Out Crazy.
The newly combined $12m in funds will allow Flat Out Crazy Restaurant Group to grow its two brands, which currently operate 28 restaurants in eight states (in Florida, Indiana, Illinois, Michigan, Missouri, Ohio, Wisconsin, and New York), in both urban and suburban settings.
The company plans to increase by more than 50% the size of its restaurant portfolio, opening a combined 15 new units by the end of 2011.
The next two years will mark the West Coast expansion into Utah, Colorado, New Mexico, Texas and Nevada, as well as continuing development in the Midwest and East.
Commenting on the deals, Pam Paley, senior vice-president, The Private Client Reserve at U.S. Bank, was quoted as saying: “This strategic funding provides the Flat Out Crazy Restaurant Group with the resources necessary to grow the brand and double the number of dining locations.
“We are confident that their national expansion will be dynamic and are very pleased to be part of the Flat Out Crazy success story”.