Report: North American Breweries put up for sale
Posted at: 09/06/2012 3:03 PM | Updated at: 09/07/2012 4:15 AM
North American Breweries, which sells Genesee and Labatt beers, has been reportedly put up for sale by private equity firm KPS Capital Partners. The sale is being reported by Reuters.
KPS announced in February 2009 the formation of North American Breweries, Inc. which included the acquisition of High Falls Brewing Company and an agreement to acquire Labatt USA from InBev. Other brands included under the NAB name include Honey Brown Lager, Magic Hat and Pyramid.
According to Reuters, NAB needs to be sold in order to receive clearance for InBev's takeover of U.S. rival Anheuser-Busch. AB InBev still sells Labatt beer outside of the U.S.
Reuters reports that the beer company could be worth around $400-million.
A spokesperson for Teamsters Local 118, which is the union that represents most workers at Genesee Brewery, says the sale isn’t necessarily bad news.
“Being for sale means they have something tangible ready to put into the marketplace,” says Paul Markwitz, Business Agent for Teamsters Local 118. “I think that’s a very positive thing and that’s how we’re viewing this. And as a labor organization we’re certainly ready to deal with anybody that comes to the table.”
The CEO of North American Breweries also responded to the report saying the company has been the focus of rumors for years and that it is always exploring opportunities to build the business.
Click here to read the full article on Reuters.com.