Printer Friendly

Investment group agrees to buy City Brewing.

A group of investors has agreed to buy the City Brewing Co., the troubled former G. Heileman brewery in LaCrosse, Wisconsin

CBC Acquisition LLC, a Wisconsin corporation, have purchased the brewery from New York investors Jim Strupp and John Mazzuto.

"We are extremely fortunate to have ownership of the brewery passing into the hands of persons who are willing to invest in its success," said Randy Smith, president of City Brewing and one of the investors.

"We will benefit from the many years of brewing industry experience shared among our owners," he said.

Six of the investors, including Smith, have ties to the former G. Heileman Brewing Co., once one of the major brewers in the United States. Ralph and Brian Morello, owners of Beloit Beverage Inc., are also investors in CBC Acquisition.

"For the first time in a long time, we can again truly say that City Brewery is locally and employee-owned."

The new buyers agreed to assume at least $7 million worth of Strupp and Mazzuto's debts and invest $6.5 million into venture, Smith said. "There is no money changing hands," he said.
COPYRIGHT 2000 Business Journals, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:City Brewing Co.
Publication:Modern Brewery Age
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 13, 2000
Previous Article:August Busch III testifies in Maris suit.
Next Article:NBWA promotes cultural aspects of beer.

Related Articles
Snyder International buys Frederick Brewing for $2.4 million.
LaCrosse brewery purchase delayed.
G. Heileman brewery sale to close.
Miller may seek to purchase Sam Adams.
Purchase plan for Genesee confirmed.
Genesee Brewing Co. purchase deal collapses.
Potential buyer for City Brewery emerges.
Judge approves City Brewery sale.
Sale of City Brewing Company completed.
Black bear brewing buys Yakima Brewing & Malting Co.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters