CraftWorks Restaurants & Breweries, Inc. Completes Refinance Transaction
BROOMFIELD, Colo. Aug. 21, 2015 // PRNewswire // - CraftWorks Restaurants & Breweries, Inc., the largest craft brewery restaurant operator in the country, announced today 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 Srinivas Kumar, chief executive officer of CraftWorks Restaurants & Breweries, Inc. "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 10 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.
"This is a great financing for our company. It really shows the strength of our brands and confidence in our growth strategy. We now have the capital to continue to prudently grow, bringing our unique menu offering and craft beer experience to guests across the country, creating value for all of our stakeholders," said Brian Morrow, chief financial officer, CraftWorks Restaurants & Breweries, Inc. "Unlike other casual dining concepts, CraftWorks expertise in brewing means we are uniquely positioned to capitalize on the growing consumer demand for craft beer. We appreciate the support of the entire lender group, led by Wells Fargo, Bank of America, and KeyBanc. They have been great partners throughout."
CraftWorks Restaurants & Breweries, Inc. is the largest craft brewery restaurant operator in the country with nearly 200 franchised and company-owned restaurants primarily operating under the Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants and Rock Bottom Restaurants & Breweries brands. As a leader in the craft beer focused casual dining segment, CraftWorks also operates strong regional brands, and employs more than 12,000 people throughout the U.S. All of CraftWorks' restaurant brands have innovative menus with made-from-scratch food and a vast selection of unique craft beer, as well as unbeatable service and loyalty programs with over a half-million active members. Based in Broomfield, Colo., CraftWorks is not only committed to serving its loyal guests, but also the communities in which its restaurants operate. The CraftWorks Foundation has contributed millions of dollars, positively impacting communities throughout the country. For additional information about CraftWorks, the Foundation, and its restaurant brands, please visit www.craftworksrestaurants.com.
SOURCE CraftWorks Restaurants & Breweries, Inc.