Jeff Crivello, the former CEO of Famous Dave’s BBQ, has a deal to acquire 12 of the Iron Hill Brewery locations that closed amid a Chapter 7 bankruptcy filing in September.
A New Jersey bankruptcy judge last week approved Crivello’s $12 million credit bid for the shuttered stores, which are in Pennsylvania, Delaware and South Carolina.
According to local media reports, Crivello plans to reopen 10 of the locations. Some may continue on as Iron Hills, while at least three, in Rehoboth Beach, Delaware, and Greenville and Columbia, South Carolina, will be rebranded as Three Notch’d Brewing Co., the Philadelphia Inquirer reported. Three Notch’d currently has six locations in Virginia.
Crivello will acquire the restaurants “free and clear” of debt or any legal issues. Seven other locations in Pennsylvania, New Jersey and Georgia will be sold for parts, with Crivello and Iron Hill’s trustee splitting the proceeds, according to bankruptcy documents.
Exton, Pennsylvania-based Iron Hill abruptly closed all 16 of its brewpubs in late September. A Chapter 7 filing followed, showing that Iron Hill had more than $20 million in debt and just $164,500 in assets.
Crivello was CEO of Famous Dave’s from 2017 to 2023, departing shortly after it was sold to brand collector MTY Food Group. In 2024, he founded Ciao Hospitality, the owner of Cowboy Jack’s, Sally’s Saloon and Berry Divine Acai Bowls.
Crivello has been active in the restaurant M&A market in recent years. His TREW Capital Management acquired Rubio’s, BurgerFi and Anthony’s Coal-Fired Pizza out of bankruptcy last year, and then flipped BurgerFi and Anthony’s to new buyers.
He did not immediately respond to a request for comment Tuesday.
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