New owners to invest in brewery and brands
The new owners of Pittsburgh Brewing Co. believe the brewery is well-positioned for growth under a bankruptcy reorganization plan approved Tuesday.
The ownership group, led by Connecticut investment manager John N. Milne, will take over the brewery in early and operate it under the original name of the brewery, Iron City Brewing Co. The brewery was formed in 1861.
The new owners plan to spend $4.1 million on a new kegging line and a new gas-fired boiler, and $500,000 on marketing the brands.
The new ownership group will take over the brewery from Joseph R. Piccirilli, who bought the business out bankruptcy in 1995. Milne’s group convinced creditors to accept a repayment plan that offers creditors no more than $5.03 million on claims totaling more than $26 million.
Although the historical significance of this brewery alone is dear to my heart and palate, er stomach! I truly hope they can continue to produce some brands and styles that will at least keep them profitable. I feel it is unrealistic to say they should immediately enter the craft brewing market, but should definitely be a goal. To quote from the 6Million Dollar Man: ” We can re-build him, we have the technology…. “