PACIFIC BREWING & MALTING CO. AGREES TO ACQUIRE AMERICAN BREWING COMPANY
TACOMA, Wash – Pacific Brewing & Malting Co, LLC, of Tacoma, Washington has announced that it has entered into a definitive agreement with American Brewing Company, of Edmonds, Washington to acquire its brewery and related business operations. The consummation of the transaction is subject to typical and customary conditions to closing, including approval by the Washington State Liquor and Cannabis Board of PB&M’s application to assume American’s brewery license.
“We are excited about the opportunity to continue the tradition of innovation that American has started,” exclaims PB&M co-owner Brent Hall. “The addition of the American brand will complement our growth strategy and give us a larger presence in Washington craft beer.”
The respective breweries and taprooms will co-exist and grow together and the efficiencies created by merging certain aspects the two operations will be advantageous for both brands.
“We have been working towards expanding our brewing operations and our goal has always been to invest in a production brewery,” explains PB&M co-owner Steve Navarro. “This deal gives us the opportunity to increase our production capacity in the near term and bring our beers to a more diverse and widespread market.”
Neil Fallon, CEO of American Brewing Company, says this is the right move for his publicly traded company and is excited that the brewery will be in good hands.
“With our recent purchase of bùcha™ live kombucha, our focus has been shifted to functional beverages on a national level. It became clear that the demands of a publicly traded company were not well suited for a small local craft brewery. For example, investors living all over the country cannot buy our beer in their local markets. This hinders the growth of the stock and frustrates shareholders. We immediately recognized that moving the brewery out of the public company would benefit both the brewery itself and the remaining public company. It does so by allowing a long time business partner and friend to take the reins of the brewery and infuse new capital and attention to strengthen our already established local presence while allowing me to laser focus the public company in the health segment and better respond to shareholder desires. We built this brewery from the ground up, and appreciate that it will continue to be operated by another local craft brewery that shares our values in producing award winning craft beers. “
Steve Navarro sums everything up perfectly.
“This is going to be a lot of fun.”
