Portland Brewing sold to Seattle company
12:11 PM PST on Tuesday, January 27, 2004Associated Press
Portland Brewing Co., best known for its flagship MacTarnahan's Amber Ale, has been purchased by Seattle-based Pyramid Breweries, Inc.
The two breweries said the merger should create the West Coast's third largest craft brewer.
According to information released by Pyramid, the Seattle company will acquire Portland Brewing's brewery and brewery restaurant assets for about $4.2 million. The transaction needs to be approved by Portland Brewing stockholders, about 74 percent of whom are already committed to voting for the sale, according to a company release.
Pyramid Brewing, founded in 1984, owns Pyramid Alehouses in Seattle, Sacramento, Berkeley, Calif., and Walnut Creek, Calif. The company makes a selection of beers, including Pyramid Hefeweizen and Pyramid Apricot Ale, and also owns the Thomas Kemper soda company.
Company officials said that with the acquisition of Portland Brewing, its annual revenue from three breweries and five brewery-restaurants should exceed $46 million.
Portland Brewing Co. had been struggling after a downturn in the craft brewing market. In a recent Securities and Exchange Commission filing, the company reported that it had incurred "significant operating losses during the past six years."
During its third quarter, the most recent on file, the company lost $55,688, or about 1 cent per share, on net sales of $3.3 million.