Despite attempts to expand in recent years, Granite City Food & Brewery is on the sales block again.
The restaurant company — long on ambition but short on profits — said Tuesday it has hired Houlihan Lokey Capital, an investment bank, "to assist it in exploring a possible strategic transaction."
That could mean a sale, merger or other deal involving all or part of the company, Granite City said in a press statement.
Robert Doran, Granite City's CEO, did not return calls for comment.
Granite City Food & Brewery is a casual dining chain that brews its own beer and has 31 locations in 13 states, including outlets in Maple Grove, Eagan, Roseville and St. Louis Park. It started with a single restaurant in St. Cloud in 1999.
In May 2011, Granite City got a new majority owner — Concept Development Partners — and a fresh round of equity and debt financing. Concept Development is a partnership of Dallas-based private equity firm CIC Partners and a merchant banking firm that has been led by Doran, a former McDonald's executive.
Doran became Granite City's CEO after the deal. Concept Developments injected another $15 million in new capital in 2012, bringing the projected total to over $30 million.
The company has opened four new Granite City outlets in the past four years, and four more are scheduled for this year. Granite City also has bought five Cadillac Ranch restaurants, including one at the Mall of America.