Rheingold Beer Sold
June 30, 2005 - Drinks Americas Holdings, Ltd. announced this week that it had entered into a letter of intent with Rheingold Brewing Company, Inc. for the purchase of Rheingold Beer.
The deal is expected to close within the next 30 days. Drinks Americas will become the exclusive producer and marketer of Rheingold Beer, a brand originally established in 1883.
Patrick Kenny, CEO of Drinks Americas said in a statement, "Drinks' business plan is to bring to market brands that have the benefit of association with icons. The Rheingold trademark and brand is considered a New York icon, known and enjoyed throughout the market. Rheingold fits well into our distribution network since many of our non-alcoholic distribution partners are beer wholesalers. Rheingold will benefit in a number of ways from the synergy which comes from being a brand within Drinks as opposed to an independent company."
Norm Snyder, the President of Rheingold, stated, "The board members and shareholders of Rheingold feel that the opportunity to be a part of the overall Drinks Americas business model increases our chance to add value and build a strong Rheingold brand in both the Metro New York market and, over time, grow to an expanded market base."
Drinks Americas owns, markets, and distributes alcoholic and non-alcoholic beverages, often associated with icon celebrities or targeted demographics. Their portfolio includes Willie Nelson's Old Whiskey River Bourbon, Roy Yamaguchi's Y Sake, Aguila Tequila, Normans Wines from Australia and Newman's Own Soda's.