Granite City Gets New Majority Owner

ST. LOUIS PARK -- Granite City Food and Brewery has a new majority owner.

The restaurant announced yesterday (Tuesday) a Dallas-based private equity firm called C-I-C Partners will invest $19 million in the struggling company, and in return will own about 58% of Granite City's shares.

Granite City Food and Brewery started in St. Cloud in 1999.  The chain now has 26 restaurants in 11 states, including five in Minnesota.

The St. Louis Park-based company has not turned a profit since it went public in 2000.