We just received this press release from the folks at New Belgium and we’re running with it because we think they keep doing good things.
(FORT COLLINS, CO)
“There are few times in life where you get to make choices that will have multi-generational impact – this is one of those times. We have an opportunity to write the next chapter of this incredible story and we’re really excited about that,” said New Belgium CEO and co-founder, Kim Jordan. “We have always had a high involvement ownership culture and this allows us to take that to the next logical level. It will provide an elegant succession framework that keeps the executive team intact ensuring our vision stays true going forward.”
Jordan plans to remain CEO for the long-term and the executive team at New Belgium will continue in its current form. The Fort Collins brewer is currently building a second facility in Asheville, North Carolina that will begin beer production in 2015. More than 150 additional hires are expected by full build out in Asheville.
New Belgium was advised by Eureka Capital Markets, a middle market investment-banking firm with expertise in both the food & beverage sector and ESOP transactions, which assisted in structuring and completing the second stage ESOP buyout transaction.
“It was an honor to work with a craft brewing leader like New Belgium and help them transition the ownership of the business to its tight culture of employee owners,” said Michael Harden, Managing Director. “Given all of the consolidation occurring in the craft brew sector, we expect that many other craft brewers will investigate how using an ESOP might help them achieve their transition goals while enabling them to remain independent companies.”
The Fort Collins brewer is currently building a second facility in Asheville, North Carolina that will begin beer production in 2015. The transition to 100% ownership will enable New Belgium to include their future co-workers in Asheville, NC in the plan and will drive an even deeper commitment to progressive business practices for the company. More than 150 additional hires are expected by full build out in Asheville.
The deal was completed on the 28th of December with a companywide announcement made during New Belgium’s annual winter retreat on the 14th of January. All 456 employee-owners were present for the celebration. Prior to this deal, New Belgium co-workers held 41% of the company’s shares.