Updated 10/26/2012 10:12 PM
North American Breweries Sold, Jobs Not Impacted
A Rochester based brewery company has been sold to a company in Costa Rica. KPS Capital Partners sold North American Breweries. The company operates Genesee Brewery. The deal was annouced Friday and brings good news to employees and management.
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It's now one of the fastest growing beer companies in the country. But years before that, the Genesee Brewery was on the verge of bankruptcy.
"When we acquired the company, as you say, we were days away of going out of business. We've invested a lot of money into this brewery right here, over $45 million into this brewery," said Rich Lozyniak, NAB CEO.
In 2009, KPS acquired North American Breweries. According to Lozyniak, part its plan was to get the company profitable again and sell it to someone who would carry it on.
Friday, KPS announced it sold NAB for $338 million to Cerverceria Costa Rica, also known as Florida Ice and Farm Company.
"We know these folks, they are great people, they are great brewers. Just like the Genesee Brewery, they've been around more than 100 years," said Lozyniak.
Lozyniak says North American Breweries and its management will remain the same. He says what this means is continued growth and job creation.
"We expect to see our products in Costa Rica very soon too," said Lozyniak.
"The commitment is there, where workers can be rest assured that the commitment for long term goals and job security is completely evident at this point," said Paul Markwitz.
Markwitz is with Teamsters' Local 118. He represents 300 employees at Genesee Brewery. He believes Florida Ice and Farm is what NAB needs to keep moving toward success.
"Everybody is fighting for jobs right now, whether it's here in Rochester or anywhere in the states, or the country. So we are very fortunate to have this opportunity and we're clearly going to take advantage of our expertise and what we produce here," said Markwitz.