ARMADA, Mich. (KTVZ) -- Michigan-based Blake’s Hard Cider plans to expand its presence and production to the West Coast by entering into an agreement to acquire the operating assets of Avid Hard Cider Co. , based in Bend, Oregon.
The announcement, which did not include terms of the deal, was made Tuesday by Andrew Blake, founder and president of Blake’s Hard Cider, the Midwest’s largest craft cidery and Sam Roberts, co-founder and CEO of Avid.
Here's the rest of their news release:
As part of the deal, a new entity, Avid Cider Co., LLC will be established by the two organizations which will assume the existing production facility’s and tap room’s leases, and acquire all equipment, inventory, recipes, distribution agreements and overall brand properties.
BHC and Avid will continue to produce under their respective brands and consumers of both hard cider and hard seltzer beverages can still expect to find and buy their favorite varieties. Avid will continue to serve the local communities, distributors, retail partners, bars, and restaurant in a seamless manner and continues to be committed to creating its hard cider using sustainably sourced local fruit and ingredients.
A key driver behind the investment, which is part of BHC’s five-year national growth strategy, is to proactively meet the increasing hard cider demand nationally while responsibly producing and sourcing its product. The entry for BHC, which is currently available in 22 states, into the Pacific Northwest’s notable cider market and culture will now provide access to a production center located where an abundance of apple varieties grows.
"Like us, Avid is family-run and has stayed true to its roots of producing high-quality, locally sourced cider. By leveraging both our established distribution channels, we will collectively grow both brands in an authentic way," Andrew Blake said in a Tweet.
For Avid Cider Co., the second-largest cider producer in Oregon and a top 10 selling brand in the region, the investment will result in additional capital and resources to further strengthen and develop the company throughout the Pacific Northwest.
“Our shared vision with Avid’s founders is to increase their presence on the West Coast and Blake’s Hard Cider nationwide,” said Blake.
Avid Cider is distributed in Oregon, Washington, Idaho, Nevada, Montana, and California. Roberts will remain inher position as Avid’s CEO, while Dan McCoy, co-founder, will serve in an advisory role focusing on sales and marketing and the high-growth Seven Peaks hard seltzer brand.
“We are excited about the future of Avid Cider Co. and working together with the Blake’s Hard Cider team who will bring a new level of energy and ideas to our company and employees,” said Roberts. “We’ve both built respected brands with many common approaches to quality and integrity in our products and service and we look forward to partnering to achieve our common goals. And I also must thank The Meriwether Group, who served as our financial advisor, for navigating us through this partnership.”
The Link LonkMarch 02, 2022 at 04:26AM
https://ktvz.com/news/business/2022/03/01/michigan-based-blakes-hard-cider-co-acquires-bends-avid-cider-co/
Michigan-based Blake's Hard Cider Co. acquires Bend's Avid Cider Co. - KTVZ
https://news.google.com/search?q=hard&hl=en-US&gl=US&ceid=US:en
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