New Mill Capital, the asset disposition firm tasked with selling Milwaukee Brewing Company, has set a minimum offer at above $10 million for parties interested in the Wisconsin craft brewery, according to an email from the firm’s principal, Eric Weiler.
“While we have no asking price and will run a process for offers post inspection, we now want to convey that offers in excess of $10,000,000 will be considered,” he wrote. “We have received a number of questions on asking price and we feel it’s fair to provide that guidance prior to people to book travel.”
Weiler wrote that the firm will be scheduling tours of the brewery for interested parties that have signed non-disclosure agreements from April 18 through May 6.
“For groups interested in moving forward at or above the $10 million mark, please let us know when you would like to tour and we will accommodate your inspection with key personnel as well as provide further information on the brewery and operations,” he wrote.
Following the inspections, New Mill Capital will set a date for offers and choose the “successful party based on price, certainty to close, contingencies required to close and speed to closing.” The firm is asking for a refundable deposit of 5% at “the execution of any purchase and sale agreement subject to further due diligence.”
Weiler stressed that the brewery is being “offered as a turnkey operation with or without the IP and 15 BBL Ale House location.”
New Mill Capital began offering Milwaukee Brewing for sale earlier this month.
According to the listing, Milwaukee Brewing Company’s production facility, MKE 9th St., offers 75,000 barrels of annual capacity, with a license to produce up to 200,000 barrels. Included in the sale is Milwaukee Brewing’s intellectual property and equipment, including a 60-barrel automated Sprinkman 4-vessel brewhouse, “like new” KHS canning, bottling and keg filling lines, and pasteurizer, among other brewing support equipment. Also being offered either with the production facility or separately is the MKE Ale House, a 15-barrel riverfront microbrewery.
Both properties are leased.