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Granite City Food & Brewery completes latest acquisition
Granite City Food & Brewery has completed the purchase of the assets of five Cadillac Ranch All American Bar & Grill restaurants, in various US locations, for an aggregate purchase price of approximately $6.2m.
The company also acquired certain Cadillac Ranch intellectual property, including trademarks, from Restaurant Entertainment Group, for approximately $1.5m.
The parties also have entered into a separate asset purchase agreement for the Cadillac Ranch restaurant assets in Pittsburgh, Pennsylvania allowing Granite City to purchase the assets for $900,000 upon issuance of a liquor license to operate the restaurant. The company expects to receive such liquor license sometime in the second quarter of 2012.
Rob Doran, CEO, said: “We are pleased with the initial integration of the Cadillac Ranch stores into our existing restaurant company. The acquisitions to date represent a significant step for Granite City to grow into a broader and more dynamic restaurant company. We believe that the acquisitions of the Cadillac Ranch restaurant assets along with the recent Granite City restaurant enhancements and the anticipated 2012 Granite City restaurant openings will continue to grow our revenue and operating income.”
Source: Granite City Food & Brewery
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