Thu, 27/04/2006 - 07:59
Basso Capital Management has taken a significant financial interest in Magic Hat Brewing Company and Performing Arts Center, a Vermont-based craft brewery.
Along with Magic Hat's long-time financial partner, Middlebury Equity Partners, Basso is working with management to expand Magic Hat's brewing capacity and grow its distribution footprint.
Magic Hat is one of the fastest growing craft breweries in the United States. Its beers are currently distributed on the East Coast from Maine to Virginia and the company is best known for its flagship product #9.
'In today's crowded distribution and retail environment, there is an increasing focus on brands with quality products, unique positioning, broad geographic coverage and deep, local sales support, which makes it increasingly difficult for small suppliers, who lack financial resources, to get meaningful share of mind in the channel,' says Greg Gatta, executive vice president and senior portfolio manager of Basso's private investment effort. 'Magic Hat has shown sustainable, profitable growth well in excess of the category and we believe is a brand that has significant upside beyond its existing territory. We look forward to helping Magic Hat achieve its growth objectives.'
Alan Newman, founder, chairman and chief creative officer of Magic Hat Brewing adds: 'We believe that we have found financial partners that understand the balance between growth and remaining true to our brand identity and the craft segment. With the financial backing of Basso and Middlebury, we will significantly increase our ability to grow without sacrificing our craft identity and independence.'
Background notes: Basso Capital Management, LP is an SEC-registered investment adviser that, among other things, seeks to partner with and provide capital to public and private companies it believes possess unique business characteristics and potential for growth and/or operational improvement. Basso is headquartered in Stamford, CT with an office in London.
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