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KPS makes 9x return on North American Breweries sale

29 Oct 2012

US turnaround specialist KPS Capital Partners has made a nine-times return on its investment in North American Breweries (NAB) after reaching a deal to sell the company to Cervecerίa Costa Rica, a subsidiary of Florida Ice and Farm Company, for $388m.

NAB is one of the largest independently owned beer companies in the US and the owner of a portfolio of brands including Labatt, Genesee, Seagram’s Escapes, Magic Hat, Pyramid, the Original Honey Brown Lager, Dundee and MacTarnahan’s.

The company operates four breweries and seven retail locations in New York, Vermont, California, Oregon and Washington.

KPS formed NAB in February 2009 as a platform for investments and growth in the North American beer and malt beverage industries.

At that time, the firm also announced the acquisitions of Labatt USA from a subsidiary of Anheuser-Busch InBev, all of the assets of High Falls Brewing Company and a perpetual license for the Seagram’s Escapes and Seagram’s Smooth brands from Pernod Ricard USA.

In 2010, NAB acquired Independent Brewers United, one of the largest craft brewers in the US, and owner of the Magic Hat, Pyramid and MacTarnahan’s brand families of craft beer.

UBS Securities acted as financial advisor to KPS and NAB on the deal.

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