Old Dominion Sale Expected
Jan 9, 2007 - The Washington Post reports the long-expected sale of Old Dominion Brewing could be announced any time.
The sale would involve Ram's Head Tavern, a Maryland brewery chain, and beer giant Anheuser-Busch according to the Post story which sited sources "close to the brewery."
"We have signed a letter of intent with someone, but we are not confirming or denying any of the other stuff," said founder Jerry Bailey, adding that he was selling the company in order to liquidate his equity.
Bailey owns 22 percent of the company, which includes the pub as well as the brewery operation. The next biggest partner owns 10 percent, and there are 82 investors, he said.
Old Dominion was founded in 1989. The company started brewing in 1990 and in 2006 sold the equivalent of 27,000 barrels of beer and 6,000 barrels of soft drink, making Old Dominion the 50th-largest brewery in the country.
Old Dominion announced last March that it was being sold to one of its managers, but the sale did not go through. Sources familiar with the current deal spoke on the condition of anonymity because the sale has not been completed.