More than two years after making a splashy acquisition of Houston-based Silver Eagle Distributors, Redwood Capital Investments will acquire another independent Anheuser-Busch wholesaler. This time, the private investment firm is set to acquire Pepin Distributing in Tampa, Florida, Brewbound has confirmed with multiple sources.
The sale is expected to close on July 19.
Beer Marketer’s Insights first reported news of the transaction, which the subscription newsletter said is valued at more than $350 million.
According to Pepin’s website, the company’s annual sales total more than 10 million cases and 150,000 half-barrels. The company operates out of a 112,500 sq. ft. climate-controlled warehouse in East Tampa and employs more than 350 workers.
Beyond A-B products, Pepin’s portfolio includes the Constellation Brands portfolio of Mexican imports (Corona, Modelo, Pacifico) and Florida craft brewery Funky Buddha; regional craft offerings from Founders, Boulevard, Southern Tier, and Victory; and local craft products from Green Bench, Big Storm, Islamorada, 3 Daughters and several others. The company also distributes non-alcoholic beverages from BioSteel, C4, Perrier, Nesquik, Nestle, and Talking Rain, among others.
Founder Art Pepin established the company in Gainesville in 1960, and expanded to Tampa in 1967. Pepin was succeeded as CEO and board chairman by his son Tom Pepin in 1985, according to the company’s website.
Neither Pepin or Redwood returned requests for comment.
Redwood Capital Investments is the private investment company for Jim Davis, the co-founder of Allegis Group, the largest staffing company in the U.S. The firm has quickly established itself within the middle tier through deal activity.
In March 2019, Redwood struck a deal to acquire Houston-based Silver Eagle Distributors, the largest independent distributor of A-B products in the U.S. The Houston Chronicle reported that the deal was valued at $1 billion.
In 2017, the firm invested in Chicago’s Lakeshore Beverage, another Anheuser-Busch wholesaler.
Jess Infante contributed to this report.