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CWB - Canadian Western Bank News Story

C$26.57 -0.0  -0.0%

Last Trade - 25/09/20

Mid Cap
Market Cap £1.36bn
Enterprise Value £3.20bn
Revenue £517.6m
Position in Universe 158th / 2679

CWB Franchise Finance partners with Mercatto Hospitality Group on development line facility

Thu 12th July, 2018 2:00pm
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MISSISSAUGA, Ontario, July 12, 2018 (GLOBE NEWSWIRE) -- CWB Franchise Finance
(CWB), a division of CWB Financial Group, has provided a debt consolidation
term loan, a relocation financing term loan and a development line facility to
Mercatto Hospitality Group (Mercatto). The Canadian restaurant brand, open
since 1998, operates five restaurants in downtown Toronto and is run by Jack
Scarangella, Domenic Scarangella and Steve Christian. The funds will be used
to assist with development of new locations, as well as renovations and
updates of existing units as required.

“We’re excited to have put together an all-inclusive financing package
tailored to Mercatto’s short- and long-term needs,” explained Dimitri
Mazur, senior manager at CWB Franchise Finance’s restaurant division.
“This financing supports the relocation of their original restaurant on
Toronto Street to Wellington Street, and provides immediate access to funds
for future projects over a two-year period, with approval and document
completed upfront. We appreciate the opportunity to work with Mercatto’s
highly-successful team, and look forward to assisting them with their upcoming

“Mercatto Restaurants is always looking for opportunities to expand and
refresh existing locations,” noted Jack Scarangella, Mercatto Hospitality
Group’s co-founder and partner. “This development line allows us to be
nimble when it comes to bidding on new sites or projects. CWB’s domain
expertise is second to none in the restaurant industry and their connections
are a true testament of their knowledge in the space. It has been a pleasant
and rewarding experience so far and we look forward to many years of

About CWB Franchise Finance CWB Franchise Finance, a division of CWB Financial
Group, specializes in financing for regional and national restaurants and
hotels and is a leading lender to the Canadian restaurant and hospitality
industries. Previously GE Capital Canada’s franchise financing arm, CWB
Franchise Finance was acquired by CWB Financial Group in 2016 following a
successful track record of more than 800 clients with upwards of 1,525
property locations over 14 years. To date, more than $3 billion has been
invested in the Canadian hotel and restaurant space. Learn more at

About CWB Financial Group CWB is a diversified financial services organization
serving businesses and individuals across Canada. Operating from its
headquarters in Edmonton, Alberta, CWB’s key business lines include
full-service business and personal banking offered through 42 branches of
Canadian Western Bank and Internet banking services provided by Motive
Financial. Highly responsive specialized financing is delivered under the
banners of CWB Equipment Financing, CWB kNational Leasing, CWB Maxium
Financial, CWB Franchise Finance and CWB Optimum Mortgage. Trust Services are
offered through Canadian Western Trust. Comprehensive wealth management
offerings are provided through CWB Wealth Management, which includes the
businesses of McLean & Partners Wealth Management and Canadian Western
Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades
under the symbols “CWB” (common shares), “CWB.PR.B” (Series 5
Preferred Shares) and “CWB.PR.C” (Series 7 Preferred Shares). Learn more

About Mercatto Hospitality Group Mercatto Hospitality Group is a
privately-owned, Toronto-based company offering a premium-casual feel and a
fresh, regional, Italian menu with a heavy focus on pizza and pasta. Mercatto
opened their first location on Toronto Street and their second, named
“Locale Mercatto”, on Bay Street. Mercatto then opened a location on
College Street, followed by “Trattoria Mercatto” inside the Toronto Eaton
Centre. “Taverna Mercatto” was their fifth restaurant, located on Bremner
Boulevard. The group also owns the restaurant Constantine located within the
newly opened boutique hotel “The Anndore House”, and the high-profile
“La Palma”. Visit them online at

For more information:

 Ed Khediguian Vice President, Franchise Finance CWB Franchise Finance Phone: (647) 465-0591 Email :  Jack Scarangella Co-founder and Partner Mercatto Hospitality Group Phone: (416)-844-9125  

GlobeNewswire, Inc. 2018
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