First Niagara Provides Victory Brewing Company with Financing to Expand Operations New brewhouse facility to open in summer of 2013 in Chester County
PARKESBURG, Pa., Oct. 31, 2012 /PRNewswire/ -- First Niagara today announced it served as lead arranger and administrative agent in a $33.1 million financing package for Victory Brewing Company. The $33.1 million is being used to finance the build-out of a second brewery, located in a 212,000 square foot building in Parkesburg, Pa. The new brewery will feature a brewhouse capable of producing ten, 200-barrel brews per day, a 50,000 square-foot distribution center with increased efficiency and safety features, and 1,000-barrel fermentation tanks.
Based in Downingtown, Pa., Victory Brewing Company is a premier craft brewery that offers more than 20 varieties of beers.
"We have a long-standing relationship with First Niagara, and they understand our business objectives," said Ron Barchet, Brewmaster and CEO. "They were able to customize a financing solution that will allow us to successfully grow our business and meet the demand for the Victory brand."
"From the beginning, we recognized something very special about this organization," said Robert Kane, regional president at First Niagara. "Not only do they have a solid business plan, they also have a passion for their business. As bankers, we know it takes both to thrive in today's competitive business environment."
Victory Brewing Company has broken ground on their new facility and expects to open for tours in the summer of 2013.
About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 430 branches, approximately $36 billion in assets, $28 billion in deposits, and approximately 6,000 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit www.firstniagara.com.
About Victory Brewing Company
Victory Brewing Company is a privately held craft brewery located in Downingtown, Pennsylvania. Started by Bill Covaleski and Ron Barchet, childhood friends who met on a school bus in 1973, the brewery formally began operations in February of 1996. Now, Victory beers can be found in 29 states. Victory's full-flavored, innovative beers meld European ingredients and technology with American creativity. To learn more about Victory Brewing Company visit us on the web at www.victorybeer.com.
SOURCE First Niagara