Rochester, N.Y. – A report from Reuters said Genesee Brewery’s parent company, North American Breweries is up for sale.
The report, citing anonymous sources says North American Breweries could fetch roughly $400 million for its owner, private equity firm KPS Capital Partners.
North American Breweries sells Genesee, Labatt, Honey Brown Lager, Magic Hat and Pyramid beers.
Founded in 1878, The Genesee Brewing Company is one of the largest and oldest continually operating breweries in the country according to its website.
The company employs 500 people in Rochester.
“It can be a good thing. If we’re purchased by the right company, it will allow us to grow,” said brewery worker Brete Freida.
None of the workers who spoke with 13WHAM News Thursday said they had concerns over a potential sale.
An executive with Teamsters Local 118, which represents nearly 400 brewery employees, said the news does not come as a surprise.
“If it’s sold our belief is that it will be sold as an intact entity,” said Paul Markwitz.
Markwitz added that the union is hopeful that North American Breweries be sold to another company within the beer industry as opposed to a private equity firm.
In a statement to 13WHAM News, North American Breweries called the Reuters report, “speculation,” and declined comment on its details.
“North American Breweries has been a focus of buying and selling rumors since its inception. We have made it clear that we are always exploring opportunities to build our business. It’s our policy not to comment on speculation. But what we can tell you is that the management team and employees are vested and committed to our business. We will continue to grow North American Breweries by focusing on what we do best: make and sell quality beer,” said Rich Lozyniak, CEO North American Breweries.
Rochester Mayor Thomas Richards declined to comment on the Reuters report.
A message left for KPS Capital Partners was not immediately returned.