After four years of discussions with Sixpoint Brewery founder Shane Welch, Artisanal Brewing Ventures (ABV) finally completed a deal to purchase 100 percent of his Brooklyn-based craft brewery this week. Even though ABV had been courting Sixpoint for several years, it wasn’t until this summer when negotiations really began to heat up, John Coleman, CEO of ABV, told Brewbound.
Yet another small brewery has found itself in financial trouble. The parent company of Boulder, Colorado-based Fate Brewing Company, Fate Restaurants LLC, has filed for Chapter 11 Bankruptcy protection. According to the November 1 filing, Fate owes more than 50 creditors between $1 million and $10 million. The company also claims between $1 million and $10 million in estimated assets.
In this week’s edition of Last Call: Yakima Chief Hops faces a breach of contract lawsuit; Greg Koch to be on the big screen Sunday; 5 Rabbit’s fight with Donald Trump set to screen; and more news from the week.
In this week’s edition of Last Call: Constellation Brands seeks $3 billion for U.S. wine brands; the New York Prohibition Party seeks alcohol ban; BrewDog takes to the skies; and another wave of brewery closures hits.
Craft beer wholesaler Cavalier Distributing has acquired the distribution rights to “all suppliers” within the portfolio of Florida-based Micro Man Distributors. According to a letter sent by Cavalier founder and president George Fisher, that was addressed to its Florida beer suppliers, the transaction closed on Monday, October 22. Financial terms of the deal were not disclosed.
Following a bankruptcy auction held last Friday, Pennsylvania’s Helltown Brewery has emerged as the highest bidder for a majority of the assets of Pittsburgh’s Rivertowne Brewing. After filing for bankruptcy in May, Rivertowne was put up for auction earlier this month with bids starting at $1.35 million. Helltown placed the winning bid of $2.1 million for Rivertowne’s Export, Pennsylvania-based brewery and land, as well as assets at its Verona and Monroeville brewpubs. The company, which acquired the Rivertowne brand through the auction and plans on continuing to brew some of its labels, is still awaiting final approval from a judge overseeing the case.
Reyes Beverage Group has struck a deal in Virginia that will make it the Mid-Atlantic region’s largest beer wholesaler. Premium Distributors of Virginia, a Reyes subsidiary, has reached an agreement to acquire the assets of Richmond-based Loveland Distributing Company, Reyes announced in a press release.
In this week’s Last Call: Founders Brewing is sued for alleged racial discrimination; the New Jersey ABC suspends its taproom ruling; the Beer Institute expresses disappointment in continued aluminum tariffs; and more news.
A pair of small Michigan beer companies are set to merge in an effort to better compete with larger brewing operations. Royal Oak-based Roak Brewing Co. announced this week that it is in the process of acquiring Traverse City’s Right Brain Brewery. Speaking to Brewbound, Roak Brewing co-owner and CEO John Leone said the deal is expected to close in the next 60 to 90 days, pending approval from the Michigan Liquor Control Commission. He declined to share specific financial terms of the deal, noting that some details of the transaction are still finalized.
Eight months after ceasing operations, the brewing equipment inside New York’s Olde Saratoga Brewing Co. is slated to be sold at an August 28 auction. Meanwhile, Olde Saratoga’s sister brewery, Ukiah, California-based Mendocino Brewing Co., which also closed its doors in January, has reportedly found a new owner.
In this week’s edition of Last Call: Boston Beer founder Jim Koch dines with President Trump; Buffalo Wild Wings considers sports betting; Interior Secretary Ryan Zinke’s ties to a Montana brewery project come under scrutiny; a federal appeals court rejects a challenge to the MegaBrew merger; and more news.
In this week’s edition Last Call: Heineken takes a minority stake in a Chinese beer giant; ZX Ventures makes an e-commerce play in Australia; Toppling Goliath sues its former brewer; and more news from the week.
Molson Coors Brewing Company today reported its second-quarter earnings, however the financial results took a backseat to news that its Canadian business division had formed a joint venture with a Quebec cannabis company. The JV between Molson Coors Canada and HEXO, a recreational cannabis “sister brand” to The Hydropothecary, a licensed producer and distributor of medical cannabis, will be structured as “a standalone start-up company” led by its own board and management team.
As the craft landscape has become increasingly competitive and as growth has slowed, some craft brewers are beginning to alter their approaches to expansion. While some companies have restructured their sales and marketing teams and laid off employees, others are starting to reexamine their brick-and-mortar strategies. Take the divergent paths of Other Half Brewing Company in Brooklyn and Renegade Brewing Company in Denver, for example.