Everybody is talking about private equity or M&A taking over the craft beer world, but New Belgium's Kim Jordan has gone an alternate route. New Belgium announced this morning that the company's Employee Stock Ownership Program (ESOP) has purchased the balance of company shares, making it 100% employee-owned. NBB has been a partial ESOP since 2000 with a controlling interest held by co-founder Kim Jordan and her family.
"There are few times in life where you get to make choices that will have multi-generational impact - this is one of those times. We have an opportunity to write the next chapter of this incredible story and we're really excited about that," said Kim Jordan. "We have always had a high involvement ownership culture and this allows us to take that to the next logical level. It will provide an elegant succession framework that keeps the executive team in tact ensuring our vision stays true going forward."
Jordan plans to remain CEO for the long-term and the executive team at New Belgium will continue in its current form. New Belgium was advised by Eureka Capital Markets.
The deal was completed on the 28th of December with a companywide announcement made during New Belgium's annual winter retreat yesterday. All 456 employee-owners were present for the celebration. Prior to this deal, New Belgium co-workers held 41% of the company's shares.
Until tomorrow, Harry
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