US: Pittsburgh Brewing sale completes
Pittsburgh Brewing Co. has been sold to the new management group Iron City Brewing LLP.
The group said yesterday (18 September) that it has transferred all assets and, under a court-approved reorganisation, will invest US$4.1m in modernisation and will increase marketing to promote its brands, such as I.C. Light and Augustiner.
Iron City Brewing president Tim Hickman said: "The new Iron City Brewing Co., led by an experienced management team and a dedicated group of employees, is totally focused on providing quality products to our loyal customers."
Pittsburgh Brewing, which makes the Iron City beer brand, had originally sought bankruptcy protection in 2005 after the city Water and Sewer Authority threatened to cut off its water supply because of $2.5m in unpaid bills. Pittsburgh Brewing disputed the charges but agreed in April to settle its debt by paying at least $575,000.
Iron City Brewing is owned by a team of investors led by private equity firm Unified Growth Partners.
Sectors: Beer & cider
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