Terrapin Beer Company has raised equity from a group of local investors to fund the expansion into a new 45,000 sq. ft. brewing facility in Athens, Georgia.
“Right now, we are retrofitting the building in preparation of bringing in a brewing system capable of producing 20,000 barrels of beer per year,” said Terrapin President and Co-Founder, John Cochran. “If all goes according to plan, we should be brewing Terrapin beers in Athens by July or August.”
Terrapin Beer Company introduced its flagship beer, the Rye Pale Ale, at Athens’ Classic City Brew Fest in April 2002. At that time, the company was operating as a contract brewery, with Terrapin Co-Founder and Brewmaster, Brian “Spike” Buckowski, having to produce his beer using other breweries’ equipment. “When John and I started Terrapin Beer Company, we simply did not have the funds needed to open a new brewing facility in Athens,” said Buckowski. “Now that we have five years of sales behind us and have proven that we can make beers as good as any others on the market, investors have been willing to take a second look at Terrapin.”
Funding to open the Athens brewery and expand the company’s operations throughout the Southeast was provided by a local group of investors led by real estate developers. With a small number of other local backers, they then formed Terrapin Equity Group, LLC, which provided the capital to fund Terrapin Beer Company’s expansion.