Restructuring, Financial and M&A Advisor

Duff & Phelps Advised Granite City Food & Brewery Ltd. on Its Restructuring, Including the �363 Sales of GCFB to BBQ Holdings, Inc. and Cadillac Ranch to Landry’s, Inc.

In December 2019, Granite City Food & Brewery Ltd. (“GCFB” or the “Company”), a casual dining restaurant group, filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the District of Minnesota. As part of the bankruptcy process, Duff & Phelps arranged the debtor-in-possession financing for GCFB. Subsequent to the execution of a Stalking Horse asset purchase agreement and a court-sponsored auction in February 2020, the assets of GCFB were sold to BBQ Holdings, Inc. and the assets of Cadillac Ranch were sold to Landry’s Inc. in a §363 sale.

Duff & Phelps served as the restructuring, financial and M&A advisor to Granite City Food & Brewery Ltd. in connection with the transactions.

About Granite City Food & Brewery Ltd. 
Granite City Food & Brewery Ltd. (“GCFB” or the “Company”) operates two complementary and distinctive restaurant concepts with 35 units in the Midwestern U.S. The Company’s flagship brand— Granite City Food & Brewery (“Granite City”)—features award-winning craft beer brewed on-site along with contemporary American cuisine handcrafted in a scratch kitchen. The Company’s secondary brand—Cadillac Ranch All-American Bar & Grill (“Cadillac Ranch”)—is a bar-forward All-American “eatertainment” concept featuring fresh, made-from-scratch menu options in a high-energy, Rock ‘N’ Roll inspired environment. Additionally, the Company operates a proprietary central brewing facility that produces and ships partially brewed product to each restaurant where the brewing process is completed on-site.

About BBQ Holdings, Inc. 
BBQ Holdings, Inc. [NASDAQGS: BBQ] develops, owns, operates, and franchises barbeque restaurants under the Famous Dave's name. It offers smoked, barbequed, and grilled meats, as well as entrée items and delicious side dishes that are prepared using prepared proprietary seasonings, sauces, and mixes. The company operates 134 restaurants, of which 33 are company-owned and 101 are franchise-operated across 33 states in the U.S., Puerto Rico, Canada, and the UAE.

About Landry’s Inc. 
Landry’s Inc. is a diversified restaurant, hospitality, and entertainment company. The company owns and operates full-service and casual dining restaurants, under the Landry’s Seafood House, Rainforest Cafe, Charley’s Crab, The Chart House, Saltgrass Steak House, Morton’s, Mastro’s, The Oceanaire Seafood Room, and Bubba Gump Shrimp Company names, as well as licenses international restaurants under the Rainforest Cafe and Bubba Gump Shrimp Company names. The company also owns and operates hospitality and entertainment businesses, such as the Kemah Boardwalk and the Golden Nugget Hotels and Casinos in Nevada. The company was founded in 1980, is based in Houston, Texas, and operates as a subsidiary of Fertitta Group, Inc.

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