Florida Ice and Farm Co., the owner of Genesee Brewing Co., has sold its American operations to a private equity firm.
On Thursday, FIFCO USA, formerly known as North American Breweries, announced the purchase by Saothair Capital Partners LLC, a Pennsylvania-based firm whose portfolio includes a luxury yacht manufacturer and a printing company, among others.
Heineken bought Costa Rica-based FIFCO last year. At the time, Heineken CEO Dolf van den Brink told investors that the American operations of the company were "not the part we’re interested in," with the company having a larger focus on the Central American and Mexican beer markets.
FIFCO USA also owns Labatt, Seagram's Escapes, and Lipton's Hard Iced Tea. With the ownership change, the company will be returning to the name North American Breweries.
With the purchase, Saothair plans to return FIFCO USA to the North American Breweries name.
While the owner is changing, familiar faces will be returning to the company. Peter Bodenham, who served as vice president of marketing at North American Breweries until 2014, will be taking over as CEO. Likewise, Rich Lozyniak, CEO of North American from 2009 to 2014, is a managing partner at Saothair.
“I couldn't be more excited about this next chapter for North American Breweries," Lozyniak said in a statement. "Having led this business myself, I know firsthand what makes NAB special. I look forward to supporting Peter and the broader management team as they take the business forward into an exciting new chapter."
The Genesee brewery is expected to continue its operations as normal.
