KPS Capital Partners Portfolio Company, North American Breweries, Completes Acquisition of Labatt USA
Raquel Vargas Palmer, a Partner of KPS, said, "The Labatt USA acquisition completes the foundation of the North American Breweries platform. My partners and I are very pleased that Rich Lozyniak will serve as CEO of the new company, following two exceptional tenures with other KPS portfolio companies.
16/03/09 KPS Capital Partners, LP announced that its portfolio company, North American Breweries, Inc., a national platform for investments and growth in the beer and malt beverage industries, has completed its previously announced acquisition of Labatt USA from a subsidiary of Anheuser-Busch InBev. Completion of the transaction, financial terms of which were not disclosed, follows approval by the United States Department of Justice.
In addition to Labatt USA, North American Breweries owns all of the assets of High Falls Brewing Company, LLC and a perpetual license for the Seagram's Cooler Escapes and Seagram's Smooth brands.
KPS also announced that Richard Lozyniak was named Chief Executive Officer of North American Breweries. Mr. Lozyniak has served as Chief Executive Officer of two KPS portfolio companies. Most recently he was CEO of Bristol Compressors, Inc., and he previously was CEO of Blue Ridge Paper Products, Inc., prior to its successful sale. Mr. Lozyniak served in various positions with General Electric for fifteen years prior to joining Blue Ridge Paper.
Raquel Vargas Palmer, a Partner of KPS, said, "The Labatt USA acquisition completes the foundation of the North American Breweries platform. My partners and I are very pleased that Rich Lozyniak will serve as CEO of the new company, following two exceptional tenures with other KPS portfolio companies. We are confident that Rich and the North American Breweries management team will enhance the company's value through acquisitions and many other exciting initiatives that drive organic growth of the company and its brands."
Mr. Lozyniak said, "I am delighted to once again have the opportunity to lead a KPS company in an industry that is in need of a strong and independent player. North American begins with great assets and brands, significant consumer loyalty, a solid balance sheet and access to additional capital for growth. I look forward to working with James Pendegraft and the North American Breweries team, and all of our stakeholders to capitalize on the many attractive opportunities before us."
