Bronx Brewery Sells Minority Stake to NYC Family Office

bronx_pale_ale

Another day, another deal.

New York’s The Bronx Brewery today announced it has sold a minority interest to Tenth Avenue Holdings (TAH), a family office based in New York City that will provide guidance and funding to the small 6,000-barrel brewing operation.

Specific terms of the transaction were not disclosed.

During a phone conversation with Brewbound, Bronx Brewery co-founder Chris Gallant characterized TAH as a “strategic partner” that is focused on helping to “build the business as opposed to flipping the business.”

“They have this great long-term investment outlook and it fits with our vision,” he said.

The investment will allow the company to hire additional employees, purchase new brewing equipment and expand the brewery tasting room, Gallant said.

“We certainly want to grow the brand, in particular in the Tri-state area and the Northeast,” he said.

The company currently employs 15 people and will look to add as many as 10 more in the coming year, Gallant said.

The Bronx Brewery, which launched just four years ago, said it also plans to increase production and expand its distribution footprint throughout the U.S. as well as the United Kingdom. The company — which had been producing its beer under contract at Cottrell Brewing in Connecticut and City Brewing in Wisconsin — opened a small 4,000-barrel production facility last August.

“The partnership between Bronx Brewery and Tenth Avenue Holdings exemplifies the kind of collaboration with smart, enterprising and entrepreneurial people that is our focus,” Laurence Denihan, a managing director and co-CEO at TAH said in a press statement.

Gallant said the company plans to continue growing production via existing alternating proprietorships with Wisconsin’s City Brewing and Shmaltz Brewing, based in upstate New York.

Founded in 2009, TAH describes itself as a “diversified investment holding company with permanent equity capital in excess of $500 million.” It invests in private and public companies, real estate and also operates an independent investment management arm.

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