Green Flash has announced that it has completed the sale of its West Coast brewing operations to a new investment group. It’s yet another sign that the craft beer biz as we’ve come to know it over the last decade, is changing and changing fast…

This from Mike Hinkley, (the former CEO) of Green Flash Brewing to GFBC, Inc. Shareholders…

“On behalf of myself and the Board of Directors of GFBC, Inc. (the “Company”), I am truly sorry to report that the Company’s senior lender, Comerica Bank, has foreclosed on its loans and sold the assets of the Company (other than the Virginia Beach brewery) to WC IPA LLC through a foreclosure sale which closed on March 30, 2018.  As such, the Company no longer owns the Green Flash and Alpine businesses.  Comerica Bank is currently conducting a separate process to sell the Virginia Beach brewery.

After a general slowdown in the craft beer industry, coupled with intense competition and a slowdown of our business, we could not service the debt that we took on to build the Virginia Beach brewery — and in early 2018, the Company defaulted on its loans with Comerica Bank.  While we took substantial efforts to recapitalize the Company over the past several months, both before and after the bank default, we were ultimately unable to close a transaction.

While the Green Flash and Alpine brands will continue, they will do so under new ownership — and GFBC, Inc. and Alpine Beer Company, Inc. will be wound down and dissolved.  I sincerely thank you for your support over the years.

Sincerely,
Mike Hinkley .”

Sold to a new investor group, made up of a number of individuals with extensive experience in both the craft beer and food and beverage industries, the new LLC appears committed to maintaining Green Flash’s status.

The Green Flash and Alpine breweries will continue to operate in San Diego and Alpine, respectively. But as we’ve reported Green Flash has ceased operations at its production brewery in Virginia Beach, as well as its its barrel-aging facility in Poway, California.

The new Green Flash Brewhouse & Eatery in Lincoln, Nebraska is still planning to open in April and will brew specialty beers serving the state of Nebraska.

Happily Mike Hinkley, who started Green Flash 16 years ago, will continue to lead the newly organized company.

H/T to The Full Pint who did a great job staying on top of this still unfolding story…