“Craft brewers took a world where people didn’t care about flavor or freshness in their beer, and changed it dramatically.” – Victory Brewing Company co-founder, Bill Covaleski
Last month, Victory Brewing Co. of Downington, Pennsylvania and Southern Tier Brewing Co. of Lakewood, New York merged to operate under a holding company formed by private equity firm, Ulysses Management. The two breweries’ new owner, Artisanal Brewing Ventures (amusingly abbreviated ABV), provides “management advice, assistance and vision to a select but growing list of independent craft brewers and distillers,” according to the Ulysses Management website.
The merger can be seen two ways: another pair of craft breweries surrendering their independence to the almighty dollar; or, two craft breweries joining forces to continue fighting the good fight against macro brands, with more money and power behind them than if they continued operating solo. One facet important to note is that ABV is a parent company, and won’t be producing any goods or services itself.
Whether you’re of the “another one bites the dust” camp or the “I’m not surprised/devastated/outraged, business is business” camp (I tend to lean toward the latter, in this case), consider this quote for a moment and let it tell you one sure thing: the beer world is changing, it will continue to constantly change, and a long as we have lots of options for good beers to drink and good people making them, we’re doing alright.
Read more of Covaleski’s response in Men’s Journal’s coverage of the merger here. For the full release, head to stbcbeer.com.