Completes Refinance, Looks at National Expansion…..

Later in August, CraftWorks Restaurants & Breweries Inc. announced the completion of a successful $172.5-million refinance of their existing senior debt facility. On the heels of this transaction, the brand’s concepts, Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants and Rock Bottom Restaurants & Breweries, are positioned for significant growth. “We’ve made substantial progress in refreshing each of our concepts over the last five years to reinforce our position as an industry leader in the craft beer-focused casual dining segment,” said CEO Srinivas Kumar. “With a solid financial foundation based on this refinancing and continuous improvement in system-wide sales growth, we are excited about the development opportunities that lie ahead for all of the CraftWorks brands. We are projecting ten percent unit growth over the next several years, expanding our national presence and building on the momentum within the craft beer industry.”  Old Chicago Pizza & Taproom in particular recently completed an extensive refresh in 2013, which has played a key role in the brand’s steady system-wide sales and unit growth to date. Old Chicago opened five new restaurants in 2014, and a total of eight new restaurants are expected to open by the end of this year. Capitalizing on this growth, the development strategy will focus on both growing the brand in existing markets and identifying new markets to target for franchise expansion. CraftWorks Restaurants & Breweries is a multi-brand restaurant operator headquartered in dual offices between Chattanooga, Tennessee and Broomfield, Colorado.  It operates a combined total of about 195 restaurants, brewery restaurants and entertainment venues. The most notable brands include Gordon Biersch Brewery Restaurants, Rock Bottom Restaurants & Breweries and Old Chicago Pizza & Taproom. With units in the most densely populated urban centers such as Los Angeles, Chicago and Washington D.C. as well as the more rural locations such as Killeen, Texas and Fargo, North Dakota, the restaurants offer unique, made-from-scratch food, craft beer and service.
CraftWorks Restaurants & Breweries Inc.: 201 W. Main St., Ste. 301, Chattanooga, Tennessee 37408 (423/424-2000) & 8001 Arista Place, 5th Floor, Broomfield, Colorado 80021 (303/664-4000).