Garage Beer has received financial backing from US investment firm Durational Capital Management, with the proceeds earmarked to support a nationwide expansion for the US brand.
The beer’s namesake owner company did not specify the size of the amount but said the funding will help deepen ties with distributors, retailers and customers. As part of the deal, New York-based Durational becomes a shareholder alongside American football players Travis and Jason Kelce and CEO Andy Sauer, who will remain in place.
Meanwhile, industry veterans Bill Hackett, the former chair of Constellation Brands’ beer division, and Rich Pascucci, previously chief growth officer at Pabst Blue Ribbon, will join Garage Beer’s board.
Over the last year, according to CEO Sauer, the brand has seen its volumes leap by “more than” 400%. “This investment gives us the resources to accelerate our growth and introduce Garage Beer to even more communities and consumers nationwide,” he said.
Durational partners Eric Sobotka and Patrick Khayat said Garage Beer is “disrupting the premium light beer category by delivering a straightforward, high-quality product that connects with today’s consumers”.
Earlier this week, AB InBev’s US unit announced plans to spend US$9.2m on its brewery in Cartersville, Georgia, the latest in a series of investments in beer production operations.
