While independent craft breweries forming financial partnerships isn’t something new in the industry, the introduction of a new partner in The Bruery is a change as it has added Newton, Massachusates’ Castanea Partners, a private-equity firm.
“You’re probably asking yourself, “Why would Patrick and Mike want a partner in The Bruery?” Good question,’ the brewery said on its blog Friday.
Since 2008, The Bruery has been family owned and operated solely by its CEO and founder, Patrick Rue, and his father, Mike Rue.
The Bruery started out as a very small operation, and nine years later it has transformed into a leader in specialty craft beer.
“We’ve had plans for growth, some of which you have seen realized over the past couple of years, with the implementation of our more efficient brewhouse, our new packaging hall for our clean beer, and the extension of our sour and wild program into our Bruery Terreux brand and facility,” the blog states. “While we have plenty of ideas and a strong vision for how we want to grow, our financial partnership with Castanea will afford us the capabilities to realize those dreams and achieve more than we ever could entirely on our own.”
The Bruery said that Castanea Partners invests in businesses that have a passionate customer base and a unique position within an industry. They have a small group of investors, and have invested in quite a few notable brands, such as Jeni’s Splendid Ice Cream, Urban Decay cosmetics, Essentia Water, and drybar.
“The expertise that Castanea has in growing other brands will give us a great foundation for successful and manageable growth,” the blog writes. “We’ll learn a lot from the folks at Castanea, and they’ll learn from us too.”
Patrick Rue will remain in his current role as CEO, and he and Mike Rue will continue to own a significant portion of The Bruery, Bruery Terreux, and Offshoot Beer Co. Castanea will help financially and operationally with future plans.
“We anticipate this partnership will be completed later this month, and we look forward to welcoming Castanea Partners to our Famille,” the blog said.
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