North American Breweries Inc., the holding company for the Genesee Brewing Co. in Rochester, raised $145 million in new financing through a recently concluded recapitalization, company officials announced Monday.
The financing includes a $120 million term loan and a $25 million revolving credit facility, majority shareholder KPS Capital Partners L.P. said.
Proceeds of the recapitalization were used to finance outstanding debt, to fund a $78 million cash distribution to shareholders and to fund growth, the company said.
North American Breweries, which has its headquarters in Rochester, remains conservatively capitalized and has the continued support of KPS, officials said. KPS and North American Breweries management own all of North American Breweries’ common stock.
North American Breweries operates four U.S. breweries, including Genesee Brewing. The others are craft brewers Magic Hat Brewing Co. in South Burlington, Vt., and MacTarnahan’s Brewing Co. in Portland, Ore., and Pyramid Brewing Co. in Seattle, Wash., which operate under Independent Brewers United Inc.
(c) 2010 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.