Evans Brewing Co makes step to US stock market
Evans Brewing said it has planned to go public since 2013
California's Evans Brewing Co has joined the short list of publicly-traded US craft brewers as the industry increasingly seeks out new funds for expansion.
Evans Brewing's shares started trading on the over-the-counter market yesterday under the stock ticker symbol 'ALES', the company said. It is looking to expand its brewery operations beyond its southern California microbrewery in Irvine.
A number of US craft brewers have in the past year sought extra funds through partnerships with larger brewers or private-equity groups. Last week, Rabobank analysts told just-drinks that brewers are looking to shore up operations ahead of an expected "shake-out" of the industry caused by an increasingly-crowded marketplace and slowing craft beer growth.
However, only a handful of craft breweries are publicly traded, including Boston Beer Co and Craft Brew Alliance, which is part-owned by Anheuser-Busch InBev.
Canada's Brick Brewing Co trades on the Toronto Stock Exchange, while Ballast Point was believed to be organising an IPO before selling out to Constellation Brands last November.
Evans Brewing said it had been planning to go public since it took over operations of the Irvine brewery from the stockholders of Bayhawk Ales, in 2013. Bayhawk Ales founded the brewery in 1994 but voted Evans to management control of its board of directors in December 2013.
"Evans Brewing provides one of the very few opportunities to invest in an independent craft beer company with the potential for significant growth in a sector that continues to capture a larger share of the overall beer market," Evans Brewing chairman Mike Rapport said.
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