Earlier this week, private equity firm Hancock Park Associates successfully completed the sale of Gordon Biersch Restaurant Group to Centerbridge Capital Partners.

Centerbridge formed CraftWorks Restaurants & Breweries Inc. by closing on concurrent acquisitions of Gordon Biersch Brewery Restaurant Group and Rock Bottom Restaurants. The companies will operate as subsidiaries of CraftWorks and will retain their brands.

CraftWorks is led by Frank Day and Allen Corey. Day, founder of Rock Bottom, serves as chairman of the board and brings more than 45 years of restaurant experience to the newly formed company. Allen Corey, an original investor and 13-year CEO of Gordon Biersch, is the president and CEO of CraftWorks and brings more than 18 years of restaurant experience to the position.

The combined business becomes the nation's leading operator and franchisor of brewery and craft beer-focused casual dining restaurants with nearly 200 company-owned and franchised locations across the United States. CraftWorks' primary concepts will include Gordon Biersch Brewery Restaurant, Old Chicago and Rock Bottom Restaurant Brewery.

Hancock Park Associates, the majority partner of Gordon Biersch, exits the business with the successful completion of sale to Centerbridge. Hancock Park's 2004 investment in Gordon Biersch was made through its $156 million Hancock Park Capital II, L.P.

The investment firm's leadership had only glowing things to say about Gordon Biersch's performance. "Through an unprecedented period of challenge in the restaurant sector, Gordon Biersch has produced industry leading results in terms of all key metrics including same-store sales, EBITDA growth and new unit openings," said Kevin Listen, Hancock Park partner. "Over the course of the partnership, our team doubled EBITDA on 50 percent growth in revenues.  This management team has truly proven themselves as one of the best in the business and we are confident in their continued success with CraftWorks."

Besides the beer-centric casual restaurants, CraftWorks also operates strong regional brands, including ChopHouse and Big River, and maintains intellectual property rights to the Boulder Beer, Inc. microbrewery. The company maintains dual headquarters in Chattanooga, Tenn. and Louisville, Colo.

Related Content

User Comments – Give us your opinion!
  • russ ford
    108179610
    Congrats to both teams and we look forward to a great continued partnership providing guest paging systems to each. www.hmewireless.com
Products & Services

Restaurant technology news, trends & best practices

http://global.networldalliance.com/new/images/products/5079.png

5079/Restaurant-technology-news-trends-best-practices

PeopleMatter SCHEDULEā„¢

http://global.networldalliance.com/new/images/products/4628.png

4628/PeopleMatter-SCHEDULE

Meatballs

http://global.networldalliance.com/new/images/products/6789.png

6789/Meatballs

Food Cost Management

http://global.networldalliance.com/new/images/products/6401.png

6401/Food-Cost-Management

DriverSafe

http://global.networldalliance.com/new/images/products/keyboard_iix.gif

1424/DriverSafe

Pizza POS Software

http://global.networldalliance.com/new/images/products/5937.png

5937/Pizza-POS-Software

Javarama coffee

http://global.networldalliance.com/new/images/products/6961.png

6961/Javarama-coffee

Thr!ve Point-of-Sale

http://global.networldalliance.com/new/images/products/6811.png

6811/Thr-ve-Point-of-Sale

PCI Compliance Managed Network Services

http://global.networldalliance.com/new/images/products/4123.png

4123/PCI-Compliance-Managed-Network-Services

Standard coffee

http://global.networldalliance.com/new/images/products/6963.png

6963/Standard-coffee

Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.