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Tuesday, 14 August 2007 |
River Horse Brewing Company, the Lambertville, NJ-based producer of award-winning, handcrafted premium ale and lager microbrews, announced that it has entered into an agreement with a Philadelphia-based private investment group led by Glenn Bernabeo and Chris Walsh, both former directors and partners at SSG Capital Advisors, L.P. with 10+ years of capital markets experience each including mergers and acquisitions. Under terms of the agreement, Bernabeo and Walsh will assume control of the company and expand operations. River Horse founders, Tim and Jim Bryan, will remain with the company and continue to play key roles in the development of new products and quality control.
"This agreement is all about expansion," says Bernabeo. "We have been watching the brewing sector closely for some time now and the landscape has fundamentally changed. Consumer tastes and preferences are rapidly shifting toward premium beer products much like they have in the wine and spirits market several years ago. The timing couldn't be better for us to get involved and help take River Horse to the next level."
Craft beer currently represents one of the fastest growing segments of the wine and spirits industry. According to the Brewers Association, U.S. craft beer sales increased by 12 percent in 2006.
"There's an extreme movement happening in craft brewing right now," says Walsh. "American beer palates have evolved. Consumers are becoming more educated and more discerning. People want to be exposed to as many of the different styles and flavors of beer as possible. Brewers are creating unique beers by introducing new ingredients such as exotic hops, fruit and herbs in order to meet today's more sophisticated tastes. These new flavors are creating a wide range of new beer-food pairings that go way beyond pizza and burgers. Our goal is to establish for River Horse a leadership position as a premium product within the craft brewing market."
The River Horse agreement with Bernabeo and Walsh is subject to regulatory approvals from the State of New Jersey. Both parties anticipate that the agreement will be finalized by fall 2007.
Tim Bryan commented on the agreement, saying: "This is a great positive step forward for River Horse that helps to safeguard our future and realize our full potential. Glenn and Chris have a strong track record for building strong and successful companies, so we couldn't be happier to have them join with us in our ongoing quest to produce the perfect glass of beer."
River Horse, founded in 1996, produces beers available through a network of distributors in nine states: New Jersey, Pennsylvania, New York, Delaware, Maryland, Connecticut, Ohio, Virginia and Massachusetts. |
