Wednesday, April 6, 2011

New York Equity Firm Buys Iron City

Uni-World Capital, L.P. has finalized a deal to purchase Iron City Brewing Company. Financial details of the deal have not yet been announced but it is does include the brewing capacity and the brands. New President and Chief Executive Officer Ed Lozano says the brewery’s headquarters will remain in Pittsburgh and beer production will continue in Latrobe. “All the employees were offered continued rolls in the company similar to what they had prior to the take over and all, I’m pleased to announce, have agreed to stay on board,” says Lozano.

Iron City President Tim Hickman will stay on as a consultant through the transition period. Lozano says they new owners have signed a new 5-year brewing agreement with the Latrobe facility and are looking for new office space in Pittsburgh if the firm redeveloping the old brewery in Lawrenceville eliminates their office space.

Lozano says he thinks this company can thrive. “Our Management team and our private equity group have expertise in the consumer goods and beverages industry, something that I think might have been lacking in the previous ownership and management groups,” says Lozano. Lozano comes from PepsiCo. where was the Director of Foodservice. Before that he was with Miller Brewing.

Lozano says his priority will be to concentrate on the core brands, Iron City and IC Light and better supporting wholesalers and aggressively growing the business. At the same time, Lozano says he would like to reintroduce some old Iron City brands and come up with a few new products. He says he would like to be “in a few more states in a year or two” and he is looking at international markets as well. “We are going to over invest in this business in the early stages to ensure success,” says Lozano.

Uni-World Capital, L.P. is a private equity firm focused on making leveraged buyout and growth equity investments. The purchase is being entirely funded by equity capital held by Uni-World and its affiliates

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