Granite City Food & Brewery® Opens Today in Troy, Michigan
Opening Marks the First Location in Michigan and the 27th Granite City Location
MINNEAPOLIS--(BUSINESS WIRE)-- Granite City Food & Brewery Ltd. (NASDAQ: GCFB) announces the opening today of its first location in Michigan, which is the 27th Granite City location. The new restaurant features a contemporary, upscale design that is an enhanced prototype for future restaurants. The Troy location is located at 699 West Big Beaver Road, next to the PNC Bank Building at the corner of Big Beaver Road and I-75, has seating for 300 guests and is approximately 9,800 square feet.
The Troy location features a newly designed interior with a wrap-around bar which flows into an atrium, an exposed kitchen and a central wood-fired pizza oven. In addition to more than 90 made-from-scratch menu items, regional favorites and locally sourced ingredients will be featured.
Over five years ago, the Granite City team identified the site on West Big Beaver Road because it is a perfect location for a Granite City restaurant based on the level of upscale development and demographics, said Rob Doran, Chief Executive Officer of Granite City Food & Brewery. We secured the property with the intention of developing it when the timing was right. This site was ideal for Granite City Food & Brewerys polished-casual menu that features made-from- scratch food along with our own handcrafted beer. We are excited to become part of the vibrant Troy and Detroit-area restaurant scene. Our new prototype meets all of our expectations for this site.
Concept Development Partners Transaction
In May 2011, the Company sold $9.0 million of convertible preferred stock to Concept Development Partners (CDP) in partnership with Dallas-based private equity firm, CIC Partners, and entered into a $10.0 million credit facility with Fifth Third Bank. The transaction brought the Company capital, additional management and several new, experienced board members, including Mike Rawlings, former President of Pizza Hut, a Founding Partner of CIC Partners, and current Mayor of Dallas, Lou Mucci, former CFO of BJs Restaurants, Michael Staenberg, President of THF Realty, Fouad Bashour, a Founding Partner of CIC Partners, and Rob Doran, former Executive Vice President of McDonaldss. Rob Doran now serves as the Companys CEO. Since CDPs investment, the Company has been developing growth plans for existing Granite City restaurants as well as the construction of new Granite City restaurants.
In late 2011, the Company acquired the assets of five Cadillac Ranch restaurants and related intellectual property, and Fifth Third Bank increased the Companys credit facility by $12.0 million. The Company has entered into an agreement to acquire the assets of a sixth Cadillac Ranch restaurant in Pittsburgh, Pennsylvania subject to issuance of the required liquor license. This acquisition is expected to close in the second quarter of 2012.
About Granite City Food & Brewery
Granite City Food & Brewery Ltd develops and operates two casual dining concepts: Granite City Food & Brewery and Cadillac Ranch All American Bar & Grill®. Granite City Food & Brewery is a polished casual American restaurant that features a great dining experience with affordable, high-quality menu items prepared from made-from-scratch recipes, served in generous portions. There is a brewery onsite, serving hand-crafted and micro brews. Granite City opened its first restaurant in 1999 and is expanding nationwide; there are currently 27 Granite City restaurants in 13 states. Cadillac Ranch restaurants feature freshly prepared, authentic, All-American cuisine in a fun, dynamic environment. Its patrons enjoy a warm, Rock N Roll inspired atmosphere, with plenty of room for friends, music and dancing. The Cadillac Ranch menu is diverse with offerings ranging from homemade meatloaf to pasta dishes, all freshly prepared using quality ingredients. The Company purchased its first Cadillac Ranch in November, 2011 and has since purchased four additional Cadillac Ranch restaurants along with its intellectual property. The Company currently operates five Cadillac Ranch restaurants in four states. Additional information about Granite City Food & Brewery can be found at www.gcfb.com.
Certain statements made in this press release of a non-historical nature constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors include, but are not limited to, changes in economic conditions, changes in consumer preferences or discretionary consumer spending, a significant change in the performance of any existing restaurants, our ability to continue funding our operations and meet our debt service obligations, and the risks and uncertainties described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 23, 2012.
Granite City Food & Brewery
Chief Executive Officer
James G. Gilbertson
Chief Financial Officer
Source: Granite City Food & BreweryCopyright Business Wire 2012