Garage Beer has bagged an undisclosed investment from Durational Capital Management.
Alongside the investment, Bill Hackett, former president of Constellation Brands' beer division, and Rich Pascucci, former chief growth officer of Pabst Blue Ribbon, have joined join Garage Beer's board.
Financial details of the cash injection were not disclosed.
In a statement, Garage Beer said it will put the proceeds from its new investor Durational towards its "marketing, sales force and field resources" to bolster its "explosive growth nationwide and deepen relationships with distributors, retailers and customers."
Reports from the Wall Street Journal suggest the Ohio-based business is now valued at $200m.
CEO Andy Sauer also told the publication that the business was poised to see revenue reach between $60m and $70m in 2025, a significant jump from under $20m last year.
Durational Capital Management did not comment on the WSJ report when asked by Just Drinks. Garage Beer could also not be reached for comment on the article.
The new investor has become a “large shareholder” alongside existing owners and operators Andy Sauer and siblings and NFL stars Travis and Jason Kelce, according to the statement.
The Kelce brothers became "significant investors" in the business in 2024.
Garage Beer is sold through major retailers in the US, including Walmart and Kroger.
Commenting on the investment, Garage Beer's CEO Andy Sauer, said: “Over the past year, we have increased our volume over +400%, expanded nationally, and became the fastest growing and one of the most exciting beer brands in the US.
"Durational's partnership is a strong endorsement of what we have achieved to date and our ambitions for the future. This investment gives us the resources to accelerate our growth and introduce Garage Beer to even more communities and consumers nationwide."
Alongside Hackett and Pascucci, Rhodes McKee, chairman and managing partner of MavenHill Capital and ReynardMcKee, will also join Garage Beer's board of directors.
In the statement, Eric Sobotka, managing partner of Durational, and Patrick Khayat, partner at Durational, added: “Garage Beer is disrupting the premium light beer category by delivering a straightforward, high-quality product that connects with today's consumers.
“Their rapid growth is a testament to the strength of their brand, their loyal following and the expertise of their leadership.”
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