Last updated on April 30th, 2020 at 05:21 pm
A group of Milwaukee-based investors led by Sharad Chadha, have purchased Glendale-based Sprecher Brewing Co. from its founder and chief executive officer, Randy Sprecher, the company announced today.
Sprecher established the brewery in 1985.
“Sharad’s offer presented the ideal opportunity,” Sprecher said. “It was important to me that Sprecher stay locally owned. This has been my life’s passion for decades and I want to see the company thrive. With this talented and experienced group, I’m sure it will.”
Sprecher will continue as an investor with the new ownership group.
Chadha, a former executive at GE Healthcare, Samsung Electronics, ABB and Electrolux, will be the chief executive officer of Sprecher Brewing Company.
“It is my goal to make Sprecher the craft beverage icon of America,” Chadha said.
Others in the ownership group include prominent Milwaukee entrepreneurs, and advisors with experience in the consumer-packaged goods and beer industries. Andy Nunemaker will serve as chairman of the board; Peter Skanavis, the owner of Homeowner Concept Realtors, will be a member of the company’s board. Brewing industry veteran Jim Kanter will be part of the investor group and the company leadership team.
Angel investors involved in the deal include Wauwatosa-based Silicon Pastures. West Bend-based Commerce State Bank funded the debt and the investors funded significant equity for the purchase.
“Much like Milwaukee, Sprecher Brewery is a little-known gem with a great future ahead of it,” Chadha said. “Sprecher not only has a diverse portfolio – craft beer, soda, cider, hard seltzer and sparkling water – it also has the best tasting products in the industry. We want to capitalize on what Randy built and share these amazing beverages with as many people as possible. Sprecher Root Beer is a craft beverage icon, and we have the potential to significantly grow the company.
“We plan on listening to and working with our retail partners, distributor partners, employees, community and other stakeholders to bring Sprecher beverages within reach of as many people as possible. With a great local group of investors who are Sprecher fans, we plan to do great things that make our Milwaukee community and customers proud of our history and heritage of great tasting quality products.”
