10 Craft Beers That Aren't
2. Pyramid Brewery
Why it's not craft: "Imported adjunct beer sales exceed domestic production"
This has nothing to do with Pyramid's apricot beer, its brewpub in Seattle, its restaurants or its bland labeling that make it look oddly like Costco (COST) house brew.
This has everything to do with who's owned it and, more importantly, who owns it now. Pyramid's been on a wild ride since 2008, when it was sold to Magic Hat Brewing of Burlington, Vt., for roughly $25 million. Just two years later, investment firm KPS Capital Partners and its North American Breweries snatched up Pyramid and Magic Hat and included them in its stable alongside beers including Genesee Cream Ale, Dundee Honey Brown, Canada's Labatt Blue and Costa Rica's Imperial.The Brewers Association likely had the latter two in mind when it slapped Pyramid's parent company for selling too many imports, but Pyramid's current situation is even more globally complex. In October, KPS Capital sold NAB to Cerveceria Costa Rica, a subsidiary of Florida Ice & Farm, for $388 million. That makes Pyramid and its smaller holding -- Portland, Ore.-based MacTarnahan's -- an even more minute portion of a large international conglomerate. Any way you approach it, it's tough to call that "craft."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV