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Old 04-30-2008, 04:36 PM   #1
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Default More Consolidation in the Craft Brew Biz

http://seattletimes.nwsource.com/htm...pyramid30.html
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Old 04-30-2008, 05:05 PM   #2
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very interesting, thanks for posting.

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Old 04-30-2008, 07:45 PM   #3
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Good article !

I live in VT, and like #9 ...

story makes you wonder how well craft beer industry will weather the storm.

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Old 04-30-2008, 09:19 PM   #4
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Pyramid still makes my favorite American hefeweizen.

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Old 04-30-2008, 11:32 PM   #5
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I didn't think the story applied to the economics of the craft beer industry, more the pros and cons of the business decision to go public and be publicly traded.. Seemed like being a publicly traded company didn't work very well for pyramid.

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Old 04-30-2008, 11:35 PM   #6
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Like I posted yesterday
http://www.homebrewtalk.com/showthread.php?t=64343

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Old 05-01-2008, 02:43 PM   #7
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'Earlier this month, Pyramid agreed to pay $1.3 million to settle a lawsuit alleging employees at three of its alehouse restaurants were denied adequate opportunity for meal and rest breaks.'

Having at least moderately happy employees goes a long way to keeping a company in business.

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Old 05-02-2008, 06:48 PM   #8
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Default Pyramid Breweries to be acquired by Magic Hat

We've never been able to get Magic Hat beers here in WA so I've never had the opportunity to try them.

I used to go to Pyramid back when they were located in a small brick building in Downtown Kalama WA. At that time, I thought their Pale Ale was one of the best I'd had.

Pyramid relocated to Seattle in the 90's and bought out Thomas Kemper. They moved Thomas Kemper's brewing operation to Seattle, closed the Poulsbo brewery and a few years later, killed the brand. They sold the soda company to a Portland firm a couple of years ago. Pyramid has since expanded to Berkeley CA, Sacramento CA, Walnut Creek CA and Portland OR. Their beers have gone down hill in recent years IMO and at least locally, they've been marketing themselves as a ''wheat beer brewery''.

Not sure what this deal means for the future of Pyramid beers or Magic Hat. I was just a bit surprised by the deal.

Anyway, enough of my mindless rambling. Here's the story from the Seattle Times.

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Pyramid Breweries to be acquired by Magic Hat
Pyramid Breweries Inc. has agreed to be acquired by Magic Hat Brewing Company & Performance Arts Center Inc. for $2.75 a share in cash.

Pyramid, which brews beer and operates five alehouses, said Tuesday its board had approved the deal, as have shareholders accounting for about 29 percent of the company's stock.

The deal is valued at about $25.2 million, based on 9.2 million shares outstanding as of March 10, and is expected to close by the end of August pending a review of Pyramid's business and legal affairs by Magic Hat and regulatory approval.

"There will be a number of important benefits for Pyramid to be part of a private company versus continuing to operate as a stand-alone public entity," said Pyramid Chief Executive Officer Scott Barnum in a statement. "This consolidation makes both good strategic and financial sense and is well timed, particularly as the beer industry's competitive dynamics continue to intensify."

Pyramid's shares have declined steadily since its 1995 initial public offering, from more than $12 per share, adjusted for splits and dividends, to less than $2 per share on an adjusted basis Monday, the day before the acquisition was announced.

Burlington, Vt.-based Magic Hat sells its "No. 9" and other brews from Maine to Georgia and as far west as Illinois. Pyramid, which produces beers primarily under the Pyramid and MacTarnahan's brands and sells mostly in the West, said the companies complement each other geographically.

Pyramid has about 500 employees, with its main breweries in Portland, Ore., and Berkeley, Calif. The company said it will maintain offices in Seattle.
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Old 05-02-2008, 06:52 PM   #9
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yeah, there is another thread around here on that topic.
IMHO your not missing much. Magic Hat is mediocre at best.

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Old 05-02-2008, 06:53 PM   #10
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I thought that I read that the guy who runs Magic Hat used to own Pyramid, but I'm not sure.

You haven't been missing a whole lot by not being able to try Magic Hat. I'll try and get some out to you if you would like, but they're really a company that's more driven by marketing than anything else. They try REALLY HARD to be quirky, you know? The beers are all pretty innocuous.

The one that I really do like is Roxy Rolles, their interpretation of a fairly hoppy red ale (not quite an IPA, but on its way there).

EDIT: It ain't as good as McNeill's, though!

EDIT 2: Yeah, from an article linked on ProBrewer

Quote:
Martin Kelly, CEO of Magic Hat said, “We have a great deal of respect for Pyramid’s brand heritage, award-winning beers and its dedicated employees, and look forward to consummating this transaction, which provides both strategic and financial benefits both to Pyramid’s and Magic Hat’s stakeholders.”

Kelly previously served as CEO at Pyramid before joining Magic Hat.
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