Craft Brew Alliance Enters Agreement to Sell Woodinville Property for $24.5 Million
December 04 2017 - 12:31PM
Business Wire
Craft Brew Alliance, Inc. (“CBA”) (Nasdaq:BREW), a leading craft
brewing company, announced today that it has entered into an
agreement to sell its Woodinville, Washington facility to Sound
Commercial Investment Holdings, LLC for $24.5 million. The
transaction is subject to a financing contingency and other closing
conditions that are expected to be resolved by the end of 2017.
As previously announced, the sale of CBA’s Woodinville property,
which includes a production facility, office space, and restaurant,
will complete a key phase in the company’s ongoing efforts to
optimize its brewery footprint, reduce costs and improve gross
margins. While CBA will provide more information on the financial
and operational benefits of the sale at closing, the company
anticipates a negative impact on 2017 earnings per share in the
range of $0.02 to $0.03 as a result of contingencies and
transaction costs directly related to the sale.
Forward-Looking
Statements
Statements made in this press release regarding the Company’s or
management’s intentions, expectations or predictions are
forward-looking statements. Additional information concerning
factors that could cause actual results to differ materially from
those in the forward-looking statements is contained in the
Company’s SEC filings, including, but not limited to, the Company’s
current report on Form 8-K filed with the SEC on December 4, 2017
regarding the sale transaction, and its report on Form 10-K for the
year ended December 31, 2016. Copies of these documents may be
found on the Company’s website, www.craftbrew.com, or obtained by
contacting the Company or the SEC.
About Craft Brew
Alliance
CBA is an independent craft brewing company that brews, brands,
and brings to market world-class American craft beers.
Our distinctive portfolio combines the power of Kona Brewing
Company, a dynamic, fast-growing national craft beer brand, with
strong regional breweries and innovative lifestyle brands
Appalachian Mountain Brewery, Cisco Brewers, Omission Brewing Co.,
Redhook Brewery, Square Mile Cider Co., Widmer Brothers Brewing,
and Wynwood Brewing Co. CBA nurtures the growth and development of
its brands in today’s increasingly competitive beer market through
our state-of-the-art brewing and distribution capability,
integrated sales and marketing infrastructure, and strong focus on
partnerships, local community and sustainability.
Formed in 2008, CBA is headquartered in Portland, Oregon and
operates breweries and brewpubs across the U.S. CBA beers are
available in all 50 U.S. states and 30 different countries around
the world. For more information about CBA and our brands, please
visit www.craftbrew.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171204005767/en/
Craft Brew AllianceJenny McLean, 503-331-7248Director of
Communicationsjenny.mclean@craftbrew.com
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