White Castle

Case Study

US’s first quick-service restaurant chain receives long-term growth capital

Based in Columbus, Ohio, family-owned White Castle is the first quick-service restaurant chain in the US, with nearly 400 restaurants and multiple retail offerings.

At a Glance

Financing White Castle’s growth over the years

White Castle first began working with us in 2013, when they were seeking capital to fund the construction of their frozen food plant in Vandalia, OH.

Relationship since 2013

Transaction details:

Growth capital

“We chose to work with PGIM because they were, one, willing to learn about us and invest in our business. And two, because they were creative and provided some flexibility in how they structured the deal that fit into what we were doing and helped us achieve our goals.”

Lisa Ingram, President and CEO, White Castle

<p>“We chose to work with PGIM because they were, one, willing to learn about us and invest in our business. And two, because they were creative and provided some flexibility in how they structured the deal that fit into what we were doing and helped us achieve our goals.”</p>

The Full Story

Getting to know the business

As a hundred-year-old company, remaining relevant is always a challenge. Over the years, White Castle has continued to innovate and hold different growth objectives.

White Castle was looking for a partner that could provide longer term financing that synced up with their growth plans. Although White Castle historically worked with their bank provider, we spent time getting to know the Company, and saw the benefit of diversifying their capital sources with our long-term debt.

“What I really liked about PGIM was that over the years we got to know one another. Even though it didn't make sense to be doing transactions at that time, we got to know one another, which was very important, especially with some of the unique combinations of businesses and the activities that we have.”

Russell Meyer, CFO, White Castle

<p>“What I really liked about PGIM was that over the years we got to know one another. Even though it didn't make sense to be doing transactions at that time, we got to know one another, which was very important, especially with some of the unique combinations of businesses and the activities that we have.”</p>

Helping companies achieve their goals

Most recently, White Castle reached out to us to raise capital for the construction of their new headquarters, as well as other infrastructure projects. Our long-term, flexible capital offered an attractive financing alternative that matched these long-lived investments.

We’re proud of our partnership with this dynamic, ever-growing company, and we’re excited to see what the future holds for them.