Successful Sale of Gordon Biersch Brewery Restaurant Group to Centerbridge Capital Partners
Majority owner of Gordon Biersch, private equity investment firm Hancock Park Associates, will be exiting the business with the successful completion of sale to Centerbridge as part of the co-acquisition. Hancock Park's 2004 investment in Gordon Biersch was made through its $156 million Hancock Park Capital II, L.P.
Kevin Listen, Partner with Hancock Park, commented, "It has been a tremendous six year partnership with the Gordon Biersch management team. 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. 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."
Allen Corey, an original investor and 13 year CEO of Gordon Biersch, is the President and CEO of the newly formed CraftWorks and brings over 18 years of restaurant experience to the position. Key executives from Gordon Biersch have assumed senior leadership roles within the new company.
Mr. Corey said, "At a crucial point in our company's history, Hancock Park Associates laid the foundation upon which we could successfully grow our
brands and position ourselves as a premier restaurant operator. With their support, we have developed a success oriented team prepared to grow our business in any environment. I am honored to have the opportunity to lead the combined company and look forward to a successful future as the nation's leading brewery and craft beer-focused casual dining restaurant operator."
North Point Advisors and Miller Martin acted as the exclusive financial and legal advisors, respectively, to Gordon Biersch in connection with this transaction.
HPA is a Los Angeles based private equity firm founded in 1986 with over $400 million invested in middle market companies since 2002. With offices in Los Angeles and Houston, the firm's principals have extensive experience investing in and partnering with management teams across a broad range of industries, including the consumer and retail sector. HPA's current or former investments in the consumer and retail sector include Charming Charlie, Leslie's Poolmart, Brown Jordan, Brown & Cole, American Home, BusyBody Home Fitness and The Right Start.
About Gordon Biersch Brewery Restaurant Group
The first Gordon Biersch Brewery Restaurant was opened in Palo Alto, California in 1988. Big River Breweries purchased the 13 existing Gordon Biersch Brewery Restaurants in 1999. The company has grown the Gordon Biersch brand to 29 locations in 18 states and the District of Columbia. Other brands operated by the Gordon Biersch Brewery Restaurant Group include Big River Grille & Brewing Works, Rock Bottom Restaurant Brewery in Charlotte NC, Seven Bridges Grille and Brewery, A1A Ale Works and Ragtime Tavern Seafood & Grill, and Bluewater Grille.
Gordon Biersch restaurants showcase a passion for food through their
commitment to using only the freshest and finest ingredients in all the items that
they prepare. Gordon Biersch features a made-from-scratch American menu
with bold international flavors, offering a wide variety of choices for any dining
occasion. Featuring lagers and ales, handcrafted and brewed to perfection,
Gordon Biersch goes to great lengths to serve each guest the freshest beer
possible which has led to numerous awards.
CraftWorks Restaurants & Breweries, Inc.