Kern River Brewing Company (“KRBC”), a family-owned brewery and restaurant in Kernville California, has just made a big announcement. After 18 years of operations, numerous accolades, and uncountable good times, KRBC is 100% employee-owned.
KRBC, located in the small mountain town of Kernville in the Southern Sierras, was established in 2005 and quickly became a destination for beer connoisseurs. Awarded the prestigious title of “Brewery Group of the Year” in 2019 at the Great American Beer Festival, KRBC has always focused on quality beer but never took its eyes off of quality of life. “We have been moving towards being employee-owned for a while now,” says co-founder Eric Giddens. “Our employees are so much a part of our success that we felt this was the best path forward for our collective futures and Rebecca and I are so happy to be able to make this announcement today.” Added Rebecca Giddens, also co-founder, “KRBC is still family-owned. It’s just that our family got a little bigger.”
This move was made possible by the newly created Employee Stock Ownership Plan (“ESOP”). All eligible employees will be granted shares of company stock each year, at no cost, allowing them to earn ownership over time through their service to the company and accumulate retirement wealth. Kern River Brewing joins a group of elite 100% employee-owned companies across the United States of America, including other reputable craft breweries such as Harpoon Brewery, Deschutes Brewery, Breakside Brewery, Left Hand Brewing, Odell Brewing, Alaska Brewing, and New Glarus Brewing.
Kern River Brewing was advised in the process by Ambrose Advisors, an investment banking firm specializing in employee ownership transactions and the legal firm of Musick Peeler and Garrett, LLP. Said Michael Harden, Senior Managing Director with Ambrose, “Eric and Rebecca’s goal was to secure a sustainable future for the Company in a manner that would be highly beneficial to its managers, employees, customers, brand, and the community. Employee ownership, when done right, benefits all stakeholders and should be celebrated.”
And celebrate they shall. Fortunately, they have an excellent lineup of craft beers and delicious food to accompany that celebration.
About: Kern River Brewing Company, Inc. was founded in 2005 in Kernville, CA as an award-winning craft brewery. http://www.kernriverbrewing.com
To read an announcement letter from Eric and Rebecca Giddens go here
About: AmbroseAdvisors is a national middle-market investment bank and financial advisory firm focused on guiding and assisting business owners with ownership succession planning, including through employee ownership. http://www.AmbroseAdvisors.com
About: Musick Peeler & Garrett LLP is a full-service business law firm with offices in California. http://www.musickpeeler.com