This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Granite City Food & Brewery Acquires Assets Of Three Additional Cadillac Ranch Restaurants For $3.3 Million

Stocks in this article: GCFB

Granite City Food & Brewery Ltd. (Nasdaq: GCFB) announced today that it has completed the purchase of the assets of three additional Cadillac Ranch All American Bar & Grill restaurants, in Oxon Hill, Maryland; Annapolis, Maryland; and Indianapolis, Indiana, for an aggregate purchase price of approximately $3.3 million. The Company also acquired certain Cadillac Ranch intellectual property from Restaurant Entertainment Group, LLC for approximately $1.5 million.

Fifth Third Bank provided Granite City an additional $5.0 million delayed draw term loan, which Granite City drew in full to fund such asset acquisitions. Fifth Third Bank also further increased Granite City’s line of credit from $7.0 million to $12.0 million, bringing the total credit facility to $22.0 million. The amount available under the line of credit will decrease by $2.0 million upon the first to occur of Granite City’s planned sale-leaseback of its real property in Troy, Michigan, or April 30, 2012.

The Company previously announced the purchase of Cadillac Ranch restaurant assets in Bloomington, Minnesota and Miami, Florida. The total paid for the Cadillac Ranch assets acquired to date is now $7.7 million.

“Cadillac Ranch is a differentiated concept that uniquely melds entertainment and casual dining to create a special customer experience,” said Rob Doran, CEO. “The completion of the five restaurant asset acquisitions to date represents a great step for Granite City and allows us the benefit of using the Granite City engine as a platform to grow into a broader and more dynamic restaurant company.”

“These purchases allow us to begin scratching the surface of a variety of synergies between the two concepts including menu, purchasing, and G&A,” said Dean Oakey, CCO.

Pursuant to a further amendment to the master asset purchase agreement, the parties have agreed to use best efforts to enter into separate asset purchase agreements for the Cadillac Ranch restaurant assets in Indianapolis, Indiana, representing a second restaurant in Indianapolis that is presently under construction; Pittsburgh, Pennsylvania; and Hallandale Beach, Florida, representing assets that had been excluded pursuant to an earlier amendment to the master asset purchase agreement. The aggregate purchase price for these remaining assets is expected to be $1.5 million, bringing the total amount paid or expected to be paid for the Cadillac Ranch assets to $9.2 million.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs