Granite City Food & Brewery Ltd. to Build New Store in Indianapolis, Indiana
Granite City Food & Brewery Ltd. (Nasdaq:GCFB) is continuing to grow with the announcement that it is building a new Granite City Food & Brewery in downtown Indianapolis, Indiana.
“We feel confident that the many residents and visitors in this vibrant area of the city will enjoy our affordable and enjoyable customer experience, along with our hand-crafted brews.”
The Company recently signed a long term lease with Simon Property Group for the development of the new restaurant within Circle Center Mall. The new restaurant, the 29th restaurant in the Granite City chain, features a contemporary upscale design recently developed by the Company and first introduced to enthusiastic reviews in Troy, Michigan in May 2012. The new Granite City Food & Brewery will be located on the first level of Circle Center Mall near the Carson Pirie Scott department store.
Circle Center Mall has an assortment of over 100 shopping, dining, and entertainment experiences all in one shopping mall. This four level shopping complex is located in downtown Indianapolis in the Wholesale District. Seven hotels conveniently connect to Circle Center Mall Indianapolis via covered skywalks.
The new store has been uniquely designed so that patrons can access the restaurant from the inside of the mall or directly from South Illinois Street. The new restaurant will be located within blocks of landmark Indianapolis areas such as Lucas Field, Conseco Fieldhouse, Indiana Convention Center and Monument Circle. Slated to open in late 2012, the location’s newly designed interior will feature a large open bar which flows into an atrium, an exposed kitchen, and a central wood-fired pizza oven. As usual, patrons will be able to choose from more than 80 made-from-scratch menu items as well as any of the fine Granite City handcrafted beers.
“We are excited to expand our concept in the Indianapolis market. Our Carmel location has performed well over the past several years and we expect our upscale dining experience to meet with great reception in downtown Indianapolis,” said Rob Doran, CEO. “We feel confident that the many residents and visitors in this vibrant area of the city will enjoy our affordable and enjoyable customer experience, along with our hand-crafted brews.”
About the Company
In May 2011, Granite City 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. Of the new capital, $7.05 million was used to purchase a majority of the shares of common stock of Granite City’s then majority shareholder, DHW Leasing, L.L.C. 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 BJ’s Restaurants, Michael Staenberg, President of THF Realty, Fouad Bashour, a Founding Partner of CIC Partners, and Rob Doran, former Executive Vice President of McDonalds’s. Rob Doran now serves as the Company’s CEO. Since CDP’s investment, the Company has been enhancing existing Granite City restaurants as well as constructing new Granite City restaurants, such as the recently opened Troy, Michigan location. In June 2012, CDP made a second equity investment in the Company through the purchase of $6.5 million of common stock. The investment was made to further the Company’s existing growth plans. In addition, since inception of the $10.0 million credit facility in May 2011, Fifth Third Bank has increased the Company’s line of credit by $12.0 million.
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 five additional Cadillac Ranch restaurants along with its intellectual property. The Company currently operates six Cadillac Ranch restaurants in five states.