Displaying items by tag: Founders Brewing Co
GRAND RAPIDS — As the craft beer industry continues to grow, it’s contributing to more economic activity in Michigan, both within the sector and its expanding supply chain.
After a frenzied period of M&A activity for craft breweries, industry insiders and investors expect the pace of deals to moderate in the near future.
Michigan craft breweries have only just started to sell their beer in international markets, but many in the industry believe exporting could soon become an important diversification strategy.
Thirsty Michigan craft beer consumers bought the equivalent of around 59,000 more pints of Brewery Vivant’s beer in 2016 than they did the year before.
Founders Brewing Co. plans to expand beyond its physical Grand Rapids roots and open a taproom and brewing facility in the Motor City.
Contrary to a report in an international brewery trade publication, Founders Brewing Co. has no plans to repurchase some of its shares from its Spanish investors.
As the four partners developed the business plan for Creston Brewery, they faced a key decision that would define the future direction of their company.
Here is the MiBiz Growth Report for March 6, 2017:
• M&A: American Grease Stick Co. of Muskegon was acquired last year by 3 Rivers Capital, a Pittsburgh, Pa.-based private equity firm. A manufacturer of branded automotive fluid transfer lines and related products for the automotive aftermarket industry, AGS has operations in Muskegon and the U.K. The company, which was founded in 1931, sells products through a variety of aftermarket retailers, including Advanced Auto Parts, AutoZone and Pep Boys, according to a statement. 3 Rivers purchased the company for $10 million from the Rosen family, according to a report in the Pittsburgh Business Times. The deal was backed by $9.75 million in subordinated debt and an equity co-investment from PNC Mezzanine Capital. JP Morgan Chase also provided debt financing for the transaction. Metz Lewis Brodman Must O’Keefe LLC of Pittsburgh served as legal counsel to 3 Rivers Capital. The sellers worked with investment banker Stout Risius Ross Inc. of Chicago.
COLDWATER — When Clemens Food Group began searching for a site to house its new 550,000-square-foot pork processing facility, access to wastewater capacity emerged as its top requirement.
GRAND RAPIDS — The Verve Pipe had billed its show at 20 Monroe Live, the long-awaited new Grand Rapids concert hall, as a 20th birthday party for the West Michigan rock band’s platinum-selling “Villains” album.