31 October 2012
We’ve highlighted Victory’s upcoming Parkesburg, PA expansion, and now some of the details on their financing. This from First Niagara:
PARKESBURG, Pa., Oct. 31, 2012 /PRNewswire/mbb -- First Niagara today announced it served as lead arranger and administrative agent in a $33.1 million financing package for Victory Brewing Company. The $33.1 million is being used to finance the build-out of a second brewery, located in a 212,000 square foot building in Parkesburg, Pa. The new brewery will feature a brewhouse capable of producing ten, 200-barrel brews per day, a 50,000 square-foot distribution center with increased efficiency and safety features, and 1,000-barrel fermentation tanks.
Based in Downingtown, Pa., Victory Brewing Company is a premier craft brewery that offers more than 20 varieties of beers.
"We have a long-standing relationship with First Niagara, and they understand our business objectives," said Ron Barchet, Brewmaster and CEO. "They were able to customize a financing solution that will allow us to successfully grow our business and meet the demand for the Victory brand."
"From the beginning, we recognized something very special about this organization," said Robert Kane, regional president at First Niagara. "Not only do they have a solid business plan, they also have a passion for their business. As bankers, we know it takes both to thrive in today's competitive business environment."
Victory Brewing Company has broken ground on their new facility and expects to open for tours in the summer of 2013.
About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 430 branches, approximately $36 billion in assets, $28 billion in deposits, and approximately 6,000 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit www.firstniagara.com.