Investment group agrees to buy City Brewing.
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.
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|Title Annotation:||City Brewing Co.|
|Publication:||Modern Brewery Age|
|Article Type:||Brief Article|
|Date:||Nov 13, 2000|
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