Iron Hill Brewery is reportedly coming back to life.
Former Famous Dave’s CEO Jeff Crivello submitted a $12 million credit bid to acquire 10 of the brand’s shuttered locations across Pennsylvania, Delaware, and South Carolina, according to the Philadelphia Inquirer.
Some may reopen as Iron Hill, others as another concept. For instance, the investor will reopen three of the venues as Three Notch’d Brewing Co. in Rehoboth Beach, Delaware, and Columbia and Greenville, South Carolina. Plans for the remaining seven units are unknown at this point.
The Inquirer also reported that the Iron Hill locations not bought by Crivello will be auctioned off next month.
The news comes nearly two months after Iron Hill abruptly closed all 16 locations, citing significant financial challenges. The concept later declared Chapter 7 bankruptcy. Court documents showed the chain had about $20 million in debt and $125,000 in cash.
This isn’t the first time Crivello has scooped a restaurant out of bankruptcy. Last year, his firm TREW Capital Management used a $40 credit bid to take over Rubio’s. The company later acquired BurgerFi and Anthony’s Coal Fired Pizza & Wings and flipped each concept to new owners (BurgerFi to the parent company of Savvy Sliders, Happy’s Pizza and Fat Boy’s Pizza and Anthony’s to franchisee group Florida Burger Inc.)
Crivello is also the cofounder of Ciao Hospitality Group, which operates Cowboy Jack’s The Barn at Cowboy Jack’s, Sally’s Saloon, and Berry Divine Acai Bowls. He previously served as CEO of Famous Dave’s from November 2017 to February 2023. Under his tenure, the restaurant became part of multi-concept group BBQ Holdings, which acquired brands like Granite City Food and Brewery, Tahoe Joe’s, Village Inn, and Bakers Square. BBQ Holdings was later sold to MTY Food Group for $200 million.
