Greenwich-based Brynwood Partners VII has acquired Cold Spring Brewing Co. Inc. from its current owner, the Lenore family. Terms and conditions of the transaction were not disclosed.
Located in Cold Spring, Minnesota, Cold Spring primarily manufactures products, both nonalcoholic and alcoholic beverages and beer, for other companies’ proprietary brands and retailers’ private labels. Cold Spring also brews beer under its own brand, Third Street Brewhouse, for distribution in Minnesota and Wisconsin.
Founded in 1874, the company is one of the oldest beverage manufacturing plants in the United States. Cold Spring is a leading independent beverage manufacturer with over $60 million in net sales, and employs approximately 350 people. In the 1970s it was involved with the production of Billy Beer, promoted by then-President Jimmy Carter’s brother Billy Carter.
“While Cold Spring will be operated as a standalone company, we believe it will benefit greatly from the scale and national distribution and manufacturing footprint of Brynwood Partners’ Harvest Hill Beverage Company investment,” said Brynwood Partners Chairman and CEO Henk Hartong III.