Pyramid and Magic Hat’s NAB Sold
North American Breweries, which own Pyramid Breweries and magic Hat Brewing Co. along with such brands as Genesee and Labatt has been sold to Cerveceria Costa Rica for $388 million in cash.
KPS Capital Partners, the private equity firm that owns North American Breweries, said in a statement today that it expected the deal to close in the fourth quarter. KPS earned a return of more than 9 times invested capital on the sale, according to a story in Reuters.
Cerveceria Costa Rica is a unit of Florida Ice and Farm Co S.A.
KPS formed the NAB company in February 2009 when it bought the Labatt brands in the U.S. from Anheuser-Busch InBev. It bought Independent Brewers United in 2010 which owned Magic Hat and Pyramid.
Cerveceria Costa Rica is a subsidiary of Florida Ice and Farm Company (FIFCO) which is involve ed through numerous companies in both the production and distribution of food and beverage products in Central America. Its portfolio includes beer, wine, spirits, and non-alcoholic beverages.
What an odd course of travel.