Granite City exploring possible sale, merger

Granite City exploring possible sale, merger

Casual-dining operator has hired Houlihan Lokey Capital Inc. to gauge interest

Granite City Food & Brewery Ltd. has hired an investment bank to explore a possible sale, the company said this week.

The Minneapolis-based casual-dining operator has hired Houlihan Lokey Capital Inc. to market the company and gauge interest in a sale or merger. Granite City has 31 restaurants, in addition to five Cadillac Ranch units.

Granite City’s revenue has grown over the past five years, but a heavy debt burden has kept it from making a profit. In 2013, the c

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