Salt Creek Grille Raises $2.25 Million for Growth in New Jersey and Neighboring States
Rumson, NJ – With guidance from Capital Growth Advisors LLC (“CapGrow”), a leading financial consulting agency, the corporation that founded the Salt Creek Grille concept, Benchmark Enterprises, Inc. has successfully raised $2.25 million through a private offering and is now poised for growth in New Jersey and neighboring states.
“This places us in a strong financial position to begin our build out plan,” said Pete Truxaw, cofounder of the Salt Creek Grille concept. Truxaw and cofounder Tim McCune have over 50 years of collective experience in the restaurant industry and founded the Salt Creek Grille concept in 1996 with their first location in Dana Point, CA. The second Salt Creek Grille restaurant opened in 1998 in Rumson, NJ and a third Salt Creek Grille opened in Valencia, CA in 1999.
Benchmark plans to use the funding in addition to other financial leveraging to build up to three new sites in the tri-state area within the next two years.
“Tim and Pete have a proven track record and their Salt Creek Grille is a strong concept. Their success contributed greatly to quickly raising the necessary funds for growth,” said Philip McDonough, managing director of CapGrow. “The market is much different than it was ten years ago with credit markets much tighter than before. It takes a lot more planning and strategic action and that’s why Salt Creek Grille contracted CapGrow,” said Mr. McDonough.
Salt Creek Grille, Rumson, NJ, a popular upscale casual American grill with a mesquite focused menu is celebrating its sixth year in business. The waterfront restaurant seats approximately 250 diners, has a full sized bar and a private dining room for up to 150. The signature architectural feature is its classic Craftsman style that uses an abundance of warm wood details, glass and stone. Each new site will also feature the Salt Creek Grille’s unique large outdoor fireplace in a large welcoming porch, said Mr. Truxaw. The American grille menu specializes in high quality mesquite grilled steaks, chops, chicken and fresh seafood. The menu is moderately prized and is known for its abundant portion sizes. Critical to the Salt Creek Grille concept is its close ties to the community it serves. The Salt Creek Grille in Rumson was named state finalist for three years by the Restaurant Neighbor Award, a national program established by the National Restaurant Association and American Express to honor and recognize restaurateurs for outstanding community involvement.
Mr. McCune and Mr. Truxaw said that the New Jersey restaurant market is strong with many opportunities for investment.
“Our research has found that the market is underserved for our style (or category) of upscale casual dining,” said Mr. Truxaw.
According to projection statistics provided by the National Restaurant Association for 2004, New Jersey’s 22,388 eating and drinking places will generate $9.6 billion in sales. Nationally, the restaurant industry’s impact on the U.S economy is $1.2 trillion a year, about 10 percent of the U.S. gross domestic product. (This figure includes related industries).
Capital Growth Advisors, LLC, headquartered in Ann Arbor, Michigan, is the leading provider of fee
based financial consulting services to the multi unit retail industry. Additional information on CapGrow
may be found at www.capgrow.net.