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Terrapin Brewing Company
TERRAPIN BEER SIGNS LEASE FOR NEW BREWERY IN ATHENS
ATHENS, GA - March 19, 2007 - Terrapin Beer Company recently announced it has raised equity from a group of local investors to fund the opening of a brewing facility in Athens. The company has entered into a lease for a 45,000 sq. ft. building located at 255 Newton Bridge Road, off of Loop 10 in North Athens. This location will be used as Terrapin's new brewing facility beginning in early summer 2007.
"Right now, we are retrofitting the building in preparation of bringing in a brewing system capable of producing 20,000 barrels of beer per year," said Terrapin President and Co-Founder, John Cochran. "If all goes according to plan, we should be brewing Terrapin beers in Athens by July or August."
Terrapin Beer Company introduced its flagship beer, the Rye Pale Ale, at Athens' Classic City Brew Fest in April 2002. At that time, the company was operating as a contract brewery, with Terrapin Co-Founder and Brewmaster, Brian "Spike" Buckowski, having to produce his beer using other breweries' equipment. "When John and I started Terrapin Beer Company, we simply did not have the funds needed to open a new brewing facility in Athens," said Buckowski. "Now that we have five years of sales behind us and have proven that we can make beers as good as any others on the market, investors have been willing to take a second look at Terrapin."
Funding to open the Athens brewery and expand the company's operations throughout the Southeast was provided by a local group of investors led by real estate developers, Wes Rogers, James Whitley and Russ Crump, and attorney, Spence Johnson. With a small number of other local backers, they then formed Terrapin Equity Group, LLC, which provided the capital to fund Terrapin Beer Company's expansion. Derek Imes of Athens-based Principia Investment Advisors was retained by Terrapin to advise on the equity deal, while Wes Rogers, Principal of Landmark Properties and Manager of Terrapin Equity Group, LLC, represented Terrapin in acquiring the new building.
"It is great to know that as Terrapin grows and expands, it is still a closely held, locally owned company," stated Derek Imes of Principia Investment Advisors. "Sourcing private equity for a brewery is a very difficult task, but I always knew we would succeed for one simple reason: Terrapin brews truly great beer."
"I am proud to have helped Terrapin take the next step and to be a part of the company's future growth," said Wes Rogers of Landmark Properties. "Terrapin will bring much-needed jobs to Athens while continuing to be an environmentally and socially responsible company our community can be proud of."
"One of the biggest benefits to finally opening a brewery in Athens is the ability to have people come see where Terrapin's beer is produced," stated Dustin Watts, VP of Sales and Marketing for Terrapin. "We will have tours every week where people can hang out with the brewers, talk about Terrapin's beers and listen to some quality local live music as well. The new building will be phenomenal for showcasing Terrapin at its best. And I'm pleased to announce, in celebration of the new brewery, Spike has created another beer to be released soon - the Terrapin I.B.A., or India Brown Ale."