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Private equity firm divests Pittsburgh Brewing Company

Published 25 January 2018

Private equity investment firm Verus Investment Partners (Verus) has completed the sale of its portfolio company, Pittsburgh Brewing Company ("PBC").

Founded in 1861 and headquartered in Pittsburgh, PBC produces several well-known brands of beer including Iron City, IC Light, American, Old German, and Block House. During the brewery's 150-year history, it has introduced many innovations such as the first twist-off cap, the first snap-top can and the nation's first light beer.

While primarily distributed inPennsylvania and nearby states, the company's beers have developed a loyal following around the nation.

Through Verus's partnership with PBC's executive team, PBC made significant improvements in new product innovation, marketing, and operations. During Verus's investment period, PBC returned to positive revenue growth and re-established itself as the beer of choice for the greater Pittsburgh area. PBC also had considerable success in expanding sales outside ofWestern Pennsylvania.

Verus managing partner Chris Fuller said: "We worked closely with the company to attain the goals we established at the time of our initial investment.

"Together, we successfully diversified our product offering, invested in strategic sponsorships with Pittsburgh's professional sports teams, and expanded into new sales channels."

Verus partner Richard Moreau said: "We had a strong partnership with the management team of Pittsburgh Brewing Company and we are proud of the success and growth the company has achieved. The business is well positioned to capitalize on consumer trends in the beer industry and we look forward to the next phase of the company's expansion."

Source: Company Press Release