German beer giant Warsteiner has invested €3.5 million into Ireland's Rye River Brewing Company, a company filing has revealed.
While the news of Warsteiner's investment in the County Kildare brewery was announced last November, the value of the investment was only revealed last week, in documents filed at the Irish Companies Office, The Sunday Times reported.
According to the paper, the investment means that Rye River, which owns the McGargles and Solas brands, and also produces beers for private label, is valued at around €12.5 million.
Revenues art Rye River rose by 8.5% last year to €8.2 million, while volumes were up 10%. The company reported an operating loss of €200,000, however.
'Common Values'
At the time of the announcement in November, Catharina Cramer, owner of the Warsteiner Group, said of the deal, "Our common values and convictions as well as the long-term nature of the partnership are particularly important to us. Together, our companies stand for 'family business' and teamwork, love for the region and passion for our craft."
Elsewhere, Helmut Hörz, chief executive and chief financial officer of the Warsteiner Group, noted that the "partnership allows us to further round off our diverse product range for retail and gastronomy. It brings us one step closer to our goal of covering all consumer taste profiles".
Rye River Brewing Company is led by founder and chief executive Tom Cronin, who founded the Celbridge-based firm in 2013. Following the company's investment Warsteiner CEO Hörz now also holds a place on the company's board.
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