Printer Friendly

REDHOOK ANNOUNCES $14 MILLION FINANCING PACKAGE: DEAL WILL MAKE REDHOOK LARGEST SPECIALTY BREWER

 WOODINVILLE, Wash., Aug. 9 /PRNewswire/ -- Redhook Ale Brewery's closing of a $14 million financing package ensures the building of a new brewery in Woodinville that will make Redhook the largest specialty brewer in North America, company president Paul Shipman said today.
 "This financing package means Redhook will be able to meet the rapidly increasing demand for our beers, while utilizing some of the world's most advanced brewery technology to ensure the consistent high quality that is Redhook's trademark," Shipman said. "Our new facility will secure Redhook's reputation as North America's leading specialty brewer."
 The financing package announced today was arranged by the investment firm Smith Barney Shearson. Financing was provided by some of the nation's leading lending institutions, including GE Capital as lead investor, Fluke Capital Management and The Green Corp. U.S. Bank, current Redhook shareholders and other individuals also participated.
 The Woodinville brewery, which is modeled after a Bavarian brewery in Andechs, Germany, will be located at N.E. 145th St. and State Route 202. Set in the Sammamish River Valley near some of Washington's most prestigious wineries, the 24-acre site will include a beer garden and visitor center. Plans call for preserving up to 10 acres of the property in its natural state.
 Completion of the new brewery will make Redhook North America's largest specialty craft brewer, increasing total brewery capacity from 80,000 barrels a year to ultimately 280,000 barrels.
 The brewery is scheduled to begin production in about 10 months. Ground-breaking ceremonies are tentatively scheduled for Sept. 15 at the Woodinville site.
 The Woodinville facility will utilize some of the world's most advanced technology to ensure the quality and consistency of Redhook beers, including Redhook E.S.B., Ballard Bitter, Blackhook Porter and seasonal ales such as Wheathook, Winterhook and the family of "Blueline" beers.
 The brewhouse will be built by Huppman of Germany, recognized world leaders in high-quality brewery production. Krones of Milwaukee, Wisc., will be the lead supplier of all bottling equipment. Seattle Construction will manage building construction.
 The new facility, which will employ up to 25 workers once in production, will brew Redhook's bottled products. The company's headquarters brewery in Seattle's Fremont district will continue to produce the company's draft beers.
 General manager of the new project will be David Mickelson, Redhook's chief financial officer. Al Triplett, Redhook's brewmaster, is supervising all technical aspects of the new facility.
 Redhook Ale is a private, closely held company. It was founded in 1981, began operations in 1982 and opened its Fremont brewery in 1988. The Fremont brewery is located in "The Car Barn," a historical landmark that was storage site for trolley cars of the Seattle Electric Railway.
 The Fremont brewery and Redhook company headquarters are at 3400 Phinney Ave. N., Seattle. Tours of the facility are available daily.
 -0- 8/9/93
 /CONTACT: Joe Quintana of The Rockey Co., 206-728-1100, for Redhook Ale Brewery/


CO: Redhook Ale Brewery ST: Washington IN: FOD SU:

JH-SB -- SE005 -- 0948 08/09/93 18:21 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 9, 1993
Words:500
Previous Article:CRAYOLA BILLBOARD COLORS LOS ANGELES BEAUTIFUL
Next Article:KAISER ALUMINUM DECLARES DIVIDENDS ON PREFERENCE STOCKS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters