First Beverage Financial, the investment banking arm of First Beverage Group, today announced that it acted as the financial advisor to Southern Tier Brewing Company in its partnership with Ulysses Management, LLC, a New York-based family investment office. The partnership will support the continued expansion of the brewery and the growth of its sales force, as well as provide new distribution support and enhanced branding and marketing initiatives.
“First Beverage was pleased to work with Southern Tier and craft a transaction which satisfied the founders’ objective of finding a long-term partner to help take the company to its next phase of growth,” said Townsend Ziebold, Managing Partner of First Beverage.
Southern Tier, located in Lakewood, NY, was founded in 2003 by Phin and Sara DeMink. Southern Tier is one of the fastest growing craft brewers in the U.S., with average annual volume growth of 48 percent since inception. It is best known for its diverse range of high-end beers, including its 2X, Blackwater, and Imperial series. Southern Tier constructed a new brewery in 2009 and has since undergone a series of expansions, increasing annual capacity to over 200,000 barrels. This August, Southern Tier launched the DeMunk’s Hard Cider brand and will be opening a sister craft distillery in 2015.
“The First Beverage team brought an incredible amount of balance and expertise to our process of finding the right long-term partner,” said Phin DeMink. “Their industry expertise, knowledge of prospective partners and skilled execution allowed us to achieve the outcome we desired while Sara and I focused on operating the brewery.”
About First Beverage Group:
First Beverage Group advises and invests in innovative and transformational beverage brands. Through our investment bank and private equity fund, we help beverage companies grow and stand out in a dynamic and competitive industry. We form true partnerships with our clients by leveraging both our financial and intellectual capital. Headquartered in Los Angeles with offices in Boston and New York, the First Beverage team is made up of entrepreneurial senior beverage executives with over 200 years of collective industry experience. For more information, please visit the company’s website, www.firstbeveragegroup.com.
About Southern Tier Brewing Company:
In operation since late 2002, Southern Tier Brewing Company of Lakewood, New York has grown to produce more than 100,000 barrels of beer annually. The hand crafted ales are now available in more than thirty states. Founders Phineas and Sara DeMink started the brewery with the vision of reviving the practice of small batch brewing to a region rich in brewing tradition. The brewery added a new brewhouse in 2013 which includes a tasting room with 14 fresh draught lines. The campus was again expanded in 2014 with construction of a 45,000 square foot warehouse and distribution center, as well as a wastewater treatment facility. For more information, please visit www.stbcbeer.com.
About Ulysses Management, LLC:
Ulysses Management is a family investment firm based in New York City with over $1 billion under management. Ulysses has a flexible investment approach and seeks to form long-term partnerships with dynamic companies in a variety of industries, with the beer industry a key area of interest. As a family-run firm, Ulysses understands the challenges, obligations and aspirations of family or entrepreneur-owned businesses, and in all circumstances strives to build alignment of interests and a shared vision. For more information, please visit www.ulyssesmgmt.com.