Granite City brewpubs get $16m for 7-unit expansion

Nation's Restaurant News,  Jan 7, 2008  

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ST. LOUIS PARK, MINN. -- Granite City Food & Brewery Ltd. is planning to add at least seven more brewpubs to the 21-unit chain this year with the help of a new $16 million debt facility with DHW Leasing LLC.

The 10-state chain's average-unit sales are about $4.3 million, and per-person checks average $17.50 for dinner, with food accounting for about 80 percent, the company indicated.

Granite City said the loan is earmarked for such new-stere development needs as furniture, fixtures and equipment. Steven Wagenheim, Granite City's president and chief executive, said new stores are planned for Orland Park, Ill.; Creve Coeur and St. Louis, Mo.; Fort Wayne, South Bend and Indianapolis, Ind.; and Toledo, Ohio.

Wagenheim is a principal at DHW, but he agreed not to receive any compensation stemming from the financing deal. In late November, Granite City named James G. Gilbertson chief financial officer, replacing Peter P. Hausback.

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