Bottoms Up! Centerbridge Buys Rock Bottom and Gordon Biersch
Now, for a bit of crowing. Centerbridge Capital Partners LP, a New York buyout shop, announced yesterday that it had acquired Rock Bottom Restaurants and Gordon Biersch Brewery Restaurant Group. The companies will operate as subsidiaries of CraftWorks Restaurants & Breweries, the holding company formed by Centerbridge. There are no plans to to rebrand or close any units, according to a statement. Financial terms weren't announced. Rock Bottom was owned by founder Frank Day and his investment goup while Gordon Biersch Brewery was majority owned by Hancock Park Associates. Both are selling. Day will serve as chairman of Craftworks. Allen Corey, an original investor of Gordon Biersch and the company's CEO, will become president and CEO of Craftworks. I reported in October that Centerbridge was in talks to acquire Rock Bottom, which operates 102 casual dining restaurants, including 38 Brewery restaurants and 64 Old Chicago restaurants.
