City Brewing Company, LLC (“City Brewing” or the “Company”), one of the largest independent co-manufacturers of beer, flavored malt beverages, ready-to-drink cocktails, and non-alcoholic beverages in the United States, has announced the successful completion of a significant and fully consensual financial transaction (the “Transaction”). The move, achieved in close collaboration with the Company’s supportive financial partners, marks a pivotal milestone in City Brewing’s journey, fortifying its financial foundation and positioning the Company for long-term operational success and continued industry leadership.
The Transaction has provided the Company with meaningful financial relief by substantially reducing its outstanding debt, improving liquidity, and creating a stronger balance sheet. Together, these actions provide City Brewing with the flexibility needed to adapt to industry trends, invest in growth initiatives, and ensure stable operations in the competitive beverage co-manufacturing sector.
Ownership Transition and Long-Term Vision
As part of the Transaction, ownership of City Brewing has transitioned to a consortium of the Company’s existing lenders. This new ownership group brings a renewed commitment to the Company’s growth and stability. With a deep understanding of City Brewing’s history, operational strengths, and potential, the new owners have expressed confidence in the Company’s strategic direction and its ability to build on its legacy as a premier beverage manufacturing partner to leading global and regional brands.
Ross Sannes, Chief Executive Officer of City Brewing, welcomed the transition and emphasized the opportunities that lie ahead.
“As we transition to new ownership, I look forward to working closely with our new partners to steward City Brewing into its next chapter,” said Sannes. “With a stronger financial position and clear strategic vision, we are well-positioned to continue serving as the go-to producer in the beverage manufacturing space while pursuing sustainable growth in the years ahead. I am thankful for the dedication of our team, the support of our financial partners, and the continued trust of our customers, all of which have brought us to this milestone.”
Leadership Update
In conjunction with this announcement, the Company also confirmed a leadership change at the executive level. David (“Dave”) Taylor has stepped down from his role as Executive Chairman of City Brewing. While Taylor departs from his executive duties, he will remain engaged with the Company in the near term to ensure a smooth and seamless transition of leadership responsibilities.
Taylor’s tenure at City Brewing has been marked by dedication and leadership, and his departure was acknowledged with gratitude by the Company.
“Dave has been an instrumental member of the City Brewing team, and we are deeply grateful for his leadership,” added Sannes. “We will build upon Dave’s many contributions as we continue to strengthen our position as an industry leader in beverage manufacturing.”
The remainder of the executive leadership team, under the continued direction of Sannes, will remain in place. This ensures continuity in day-to-day operations and allows City Brewing to maintain stability for employees, customers, and partners during this pivotal transition period.
New Board of Directors
A cornerstone of the Transaction is the establishment of a new Board of Directors, comprising seasoned professionals with deep expertise across the beverage, co-manufacturing, and consumer goods industries. Their appointment underscores the Company’s commitment to strengthening governance and aligning strategic oversight with long-term growth ambitions.
Joining CEO Ross Sannes on the Board—subject to the completion of standard background checks—are the following distinguished members:
- David J. Colo – A seasoned leader in the food and beverage space, Colo has served as President and CEO of both MGP Ingredients and SunOpta. His career also includes senior leadership positions at Diamond Foods, ConAgra Foods, and Nestlé-Purina. His expertise in scaling businesses and navigating competitive markets will bring significant value to City Brewing’s growth agenda.
- Derek Hopkins – With more than three decades of experience in the beverage industry across the U.S., Canada, and Europe, Hopkins has held leadership roles at global companies including Bacardi, The Coca-Cola Company, AB InBev, and Guinness Diageo. Most recently, he served as President, U.S. Refreshment Beverages at Keurig Dr. Pepper. Hopkins also served as Vice Chairman of the American Beverage Association, making him a well-respected voice in the industry.
- George Parke – A founder of the law firm Bosshard Parke, Parke has also been an influential leader within City Brewing’s own history. He previously served as Chairman of the Board and CEO of the Company from 2007 to 2021, overseeing a period of expansion and success. His combination of legal expertise, executive experience, and direct knowledge of City Brewing’s operations provides continuity and strategic depth.
- Michael Wartell, CFA – Wartell currently serves as President of Bluerose Associates and has been a City Brewing board member since 2024. His track record includes extensive work with public and private corporations as an independent director, where he has partnered with management teams to unlock value. Wartell’s financial acumen will be critical as City Brewing continues to strengthen its capital structure.
The combined knowledge and leadership of this Board will help guide City Brewing as it embarks on its next phase of development, ensuring the Company’s strategy is aligned with both industry dynamics and the needs of its customers.
Advisors and Support
City Brewing was supported throughout the Transaction by a distinguished group of advisors. Sullivan & Cromwell LLP acted as legal counsel, while Evercore served as investment banker. Financial advisory was provided by FTI Consulting, and strategic communications support was offered by C Street Advisory Group.
For the Company’s lending partners, Gibson, Dunn & Crutcher LLP served as legal advisor and Perella Weinberg Partners acted as investment banker to an ad hoc group of term lenders. Freshfields LLP provided legal advisory services and BRG served as financial advisor to an ad hoc group of revolving lenders.
The collaborative work of these advisory groups was critical to structuring and completing a consensual transaction that balanced the interests of all stakeholders while positioning City Brewing for a stronger financial future.]
