Louisville-based Rock Bottom Restaurants, which operates Rock Bottom Breweries and Old Chicago and The ChopHouse restaurants, and Gordon Biersch Brewery Restaurant Group, with one Colorado operation at FlatIron Crossing, have been acquired by Centerbridge Capital Partners LP, a private equity firm.
The new company will be called CraftWorks Restaurants and Breweries as a result of Monday’s acquisition. The combined business becomes the nation’s leading operator and franchiser of brewery and craft-beer-focused casual dining restaurants, with nearly 200 owned and franchised locations across the U.S.
Rock Bottom founder Frank Day will take over as chairman of the board, and Allen Corey, an original investor and 13-year chief executive of Tennessee-based Gordon Biersch, will be president and chief executive of CraftWorks.
With the new infusion of equity into both brands, plans call for expansion of company- owned and franchise stores throughout the U.S.
“We were near the end of our loan credit, and we fought off whatever issues we had during the last two years,” said, Day, 78. “When I came back to work in early 2008, I was able to stabilize the company, put more money in, and did a minor recapitalization. Our longtime loan we had was up at the end of this year.”
Rock Bottom, which started as Old Chicago pizza and beer eateries in 1976, formed a corporation in 1994 when the company went public.
The wildly busy Rock Bottom brewpub opened on the 16th Street Mall in 1991. When the company went public, it consisted of eight Old Chicagos and three breweries. Day faded into the background until he took the company private again.
“So here I am, still in the restaurant business and enjoying every moment of it,” he said. “As chairman of the board, maybe it will be a little less pressure than as president and CEO.”
Day said Rock Bottom and Gordon Biersch have been courting each other for quite some time.
“We have so much in common,” Day said. “We have people who have worked for both companies. I have known the CEO personally, and we’ve always kept in touch. We talked before about combining at some point to become a stronger company. This opportunity came along.”
Wells Fargo and GE Capital were joint-lead arrangers for a $150 million credit facility to support the transaction.
Turkey time.
Andrew Rogers, general manager of The Ritz-Carlton Denver, and Jay Weinstein, chief operating officer of St. Anthony Central Hospital, have teamed with Ortho Colorado Hospital, St. Anthony Health Foundation, Sodexo, Panorama Orthopedics & Spine Center, GE Johnson and Hammes Co. to support the Denver Rescue Mission’s efforts to gather 6,000 turkeys for Thanksgiving.
The group already has secured more than 300 turkeys and intends to hold Project Turkey Trot drives within their respective organizations.
You can donate a frozen turkey that is 12 pounds or more at the Lawrence Street Shelter, 1130 Park Ave. West, to help feed homeless and low-income people. More info: or 303-297-1815.
EAVESDROPPING on a woman to a man:
“Did you read about Trista and Ryan in US magazine?”
“No, I’m not your girlfriend.”
Penny Parker’s column appears Tuesday, Thursday, Friday and Sunday. Listen to her on the “Caplis and Silverman” radio show between 4 and 5 p.m. Fridays on KHOW-AM (630). Call her at 303-954-5224 or e-mail pparker@denverpost.com.
