David Logsdon, a lifelong beer industry entrepreneur and the founder of Oregon’s Logsdon Farmhouse Ales, has agreed to sell a significant stake in his brewery to three new partners, Brewbound has learned.
Reached by phone, Logsdon said that he and the company’s five additional partners have verbally agreed to a deal that would reshape the company’s current ownership structure.
Logsdon, who owns a controlling interest in the brewery, plans to sell an undisclosed stake and step back from day-to-day operations, he said.
“It is time for me to retire now, although I won’t be retiring completely,” he said. “I will continue to be involved with the brewery, oversee quality and develop new beers.”
Mr. Logsdon will retain a minority interest and the company’s five existing partners will also “shuffle” their stakes. Partner and brewer Charles Porter will depart the company to pursue a new opportunity, Logsdon said.
Three new partners — Stuart Faris, Chris Shepard and A.J. Shepard – have agreed to purchase a stake in the brewery. The trio currently co-owns Uptown Market, a specialty bottle shop and brewery based in Beaverton, Ore.
“Most of our current partners wanted to stay involved to some extent and this gave them the opportunity to retain some interest,” he said.
Specific terms of the deal, which was verbally agreed upon yesterday, are still being finalized, Mr. Logsdon said.
Logsdon, which produced just 1,000 barrels in 2014 and sold its products in 11 U.S. states as well as more than 20 countries, plans to transition at least some of its production away from a family-owned farm in Hood River, Ore.
“The majority of the equipment, the brand and the assets are being sold,” Mr. Logsdon said. “We anticipate that we will continue to produce some beer here on the farm while we expand into a larger facility, and a new system.”
A serial entrepreneur, Logsdon is one of the most prolific figures on the Oregon beer scene. In 1985, he founded Wyeast Laboratories, an internationally recognized supplier of liquid yeast cultures. He sold that business in 2009 and founded Logsdon Farmhouse Ales in 2011.
“I basically sold two breweries in one year,” he joked.
Logsdon said he met with other potential acquirers, including breweries “large and small.”
“We went out and discussed the matter with some breweries and other potential buyers,” he said. “This worked out to be what we felt was the best, moving forward, for the brand and for ourselves. We’re happy to see this move forward and we are looking forward to seeing the brand continue to grow.”
Later this year, the company will expand distribution into Connecticut and Ohio (where Mr. Logsdon is originally from).
Logsdon Farmhouse Ales also won Brewbound’s inaugural Startup Brewery Challenge in 2013.