Miller Coors’ craft brewing unit Tenth & Blake Beer Co has purchased a minority stake in Terrapin Beer Co., a Georgia-based microbrewery. Earlier this month, Terrapin Beer Co. has asked Tenth & Blake to convert a portion of its loan into a minority stake in the company, Online Athens reported.
Terrapin Beer Co. president John Cochran said this allows the company to significantly reduce its debt burden and enables it to invest more intensely in production capacity and innovation.
Cochran has sent an email to Tenth & Blake in which he mentioned that the sale of the minority interest to Tenth & Blake will provide Terrapin with a way to fund a $4.5m expansion to double its brewing capacity.
With this expansion, Terrapin will be able to get all its beers back in stock in the nine states where its brands are available.
The company will also start a full time barrel aging program, and invest in expanding and enhancing our brewery tour experience for visitors.
Terrapin's beer brands include Rye Pale Ale, Golden Ale, Hop Karma Brown, Hopsecutioner IPA, Sunray Wheat, Pumpkin Fest, Moo-Hoo, Big Hoppy Monster and Monk's Revenge, among others.