Seattle-based Pyramid Breweries Inc. (NASDAQ:PMID), brewers of Pyramid Hefeweizen and a variety of many other handcrafted ales and lagers, is recommitting itself to the Northern California market with its announcement that it has acquired the estate of the Berkeley Brewery at 901 Gilman Street in Berkeley, which also houses one of the region's leading alehouses and full service restaurants. Pyramid's Berkeley Brewery produces more than 15 varieties of Ales & Lagers, as well as the Company's award-winning Thomas Kemper Sodas.
In the transaction, Pyramid will acquire the building and real estate it has rented since 1996 for approximately $7 million, consisting of a combination of assumed liabilities, and cash.
"This acquisition is the latest step in helping Pyramid solidify our presence in Northern California," said George Hancock, Chairman of the Board and Founder of Pyramid Breweries Inc. "Together with the opening over the past two years of our Pyramid Alehouse/Breweries in Walnut Creek and Sacramento, we can truly call Northern California home."
In fact, Pyramid's sales have grown significantly since the Berkeley Brewery and Alehouse opened in 1997. With the acquisition of Portland Brewery last month, Pyramid is expected to sustain that momentum on the entire West Coast.
The acquisition comes on the 20th anniversary of Pyramid Breweries Inc, which the Company is celebrating by brewing a new line of unfiltered wheat beers all bearing the Pyramid Wheaten name. "The Wheaten name has a special place in our history," commented Hancock. "When Tom Baune first brewed Pyramid Wheaten in May 1985, we became the first brewery since Prohibition to specialize in Wheat beers. It was a true pioneering beer and we are delighted to see the name on three more wheat beers." The limited release series kicks off this month with the launch of Pyramid Amber Wheaten.
About Pyramid:
Pyramid Breweries Inc. is a leading brewer of specialty, full-flavored beers and sodas, produced under the Pyramid Ales & Lagers and Thomas Kemper brand names. Pyramid operates four breweries in Seattle, Washington, and Berkeley, Sacramento and Walnut Creek, California as well as four adjoining restaurants under the Pyramid Alehouse name.
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