Randy Sprecher, 73, who opened the first brewery in Milwaukee since Prohibition, has found a path to retirement. Sprecher, who is 73, has sold Sprecher Brewing, founded in 1985, to a group of local investors.
Sharad Chadha, former vice president for GE Medical and an executive with Samsung, will become Sprecher Brewing’s chief executive officer. Milwaukee native and entrepreneur Andy Nunemaker will serve as chairman of the board. Pete Skanavis, owner of Homeowners Concept Realtors, will be on the board. Jim Kanter, the former general manager for MillerCoors, will be on the leadership team.
Jeff Hamilton, brewery president will stay on board along with the rest of the Sprecher staff.
Asked why he decided to sell after thirty-five years, Sprecher stated in a press release that, “Sharad’s offer presented the ideal opportunity. It was important to me that Sprecher stay locally owned. This has been my life’s passion for decades and I want to see the company thrive. With this talented and experienced group, I’m sure it will.” Sprecher will continue as an investor with the new ownership group.
Sprecher Brewing is in a small class of pioneering craft breweries that opened during the 1980’s and still remain in business. They were one of the first craft breweries to successfully diversify into other beverage categories, developing a successful near-national root beer brand under the same name.
The new owners have said they intend to make Sprecher a national brand.
More details here.