Imperial Credit Industries Inc., a diversified financial services company, said Tuesday that it plans to acquire a Connecticut company that provides secured financing to restaurant chain franchisees.
Terms of the deal for Franchise Mortgage Acceptance Co. in Greenwich were not disclosed. The transaction is expected to be completed in the next three months. Imperial Credit will operate the company as a subsidiary and will retain Franchise Mortgage's founder, Wayne L. Knyal, as president and chief executive of the subsidiary.
Franchise Mortgage, a division of Greenwich Capital Financial Products Inc., arranged and funded more than $250 million in new financings last year.