Chain continues its expansion plans
Granite City Food & Brewery (NASDAQ:GCFB) has agreed to purchase the net assets of seven restaurants operating under the name Cadillac Ranch All American Bar & Grill, with an option to acquire an eighth restaurant in the future. Granite City has completed its acquisition of one property—the Cadillac Ranch location in the Mall of America—for $1.4 million.
The aggregate purchase price for the assets is $9 million, subject to adjustment.
In May 2011, Granite City received $9 million in equity capital from Concept Development Partners (CDP) in partnership with a Dallas-based private equity firm CIC Partners, as well as $10 million in debt financing from Fifth Third Bank.