Granite City (GCFB) Completes $3.3M Acquisition of Three Cadillac Ranch Locations

Granite City Food & Brewery Ltd. (Nasdaq: GCFB) 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.

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