Representatives of North American Breweries Inc. downplayed a report Thursday that the Rochester-based company is being offered for sale by its majority stakeholder.
The company is the parent of the Genesee Brewing Co. in Rochester and a portfolio company of New York City private equity firm KPS Capital Partners LP.
“North American Breweries has been a focus of buying and selling rumors since its inception,” CEO Richard Lozyniak said in a statement released late Thursday afternoon. “We have made it clear that we are always exploring opportunities to build our business.
“It’s our policy not to comment on speculation,” he added. “But what we can tell you is that the management team and employees are vested and committed to our business. We will continue to grow North American Breweries by focusing on what we do best: make and sell quality beer.”
Reuters, citing sources familiar with the matter, reported Thursday that KPS has put North American Breweries up for sale. The company could be worth $400 million, a source told the news service.
KPS has hired investment bank UBS to advise on the sale, Reuters reported.
KPS formed North American Breweries in 2009 after buying the former High Falls Brewing Co. LLC and the Buffalo-based U.S. operations of Labatt Brewing Co. Ltd., whose beer is brewed in Canada.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
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