Milwaukee-based
Spike Brewing, a manufacturer of home brewing equipment, is officially for sale.
Founder and president
Ben Caya has decided to sell Spike Brewing to focus on his next startup – a company called
Floating Flame.
Floating Flame, also based in Milwaukee, is a portable firepit that can be used for boating, tailgating, camping and more.
"What many of you may not know is that I started another business about 2.5 years ago and it's taken off like crazy," said Caya via a LinkedIn post. "As that momentum builds, I’ve found myself at a crossroads. It’s become clear that in order to give each business the attention it deserves, I need to focus my energy where it’s needed most."
Caya started Spike Brewing in 2011 in a college basement as a side hustle. After turning Spike Brewing into a leader in the home brewing equipment industry, he wanted to see if he could start another successful business.
Caya didn’t know what that business would be until he listed his boat for sale. An image of the boat with a portable firepit on it attracted countless inquiries from customers.
The company Caya purchased the portable fire pit from went out of business, so he saw his opportunity to create a new version of the product.
Floating Flame officially launched in 2024 at the Milwaukee Boat Show. The company's 2024 revenue was $225,000. This year, Floating Flame is on track to earn $1.3 million, according to Caya.
Caya said he has no interest in selling Spike Brewing to a private equity firm. He’s searching for a “hands-on” operator with experience in the brewing industry. The deal will be a “multi-seven-figure buy-in,” he added.
"Handing your baby off is extremely difficult, but I can say that I do not plan to sell to a private equity firm or anyone who will put profits ahead of our brand, our quality and our brewing community," said Caya.
Since it’s founding in 2011, Spike Brewing has made more than $50 million in revenue.
