Anticipated sale of Iron City Brewing officially announced (continued)
< back to newsFrom Pittsburgh Tribune-Review — April 6, 2011
A New York City-based private equity firm, Uni-World Capital, today officially announced it will buy the brands and assets of Iron City Brewing Co.
The brewery's headquarters will remain in Lawrenceville and beer production will continue in Latrobe.
Edwin R. Lozano, 43, who will serve as Iron City's president and chief executive officer. The company's current CEO, Tim Hickman, will work as a consultant during a transition period.
Financial details of the sale were not released.
"Iron City Brewing Company's rich heritage, diverse product portfolio and strong reputation as a high-quality Pittsburgh beer resonated with our team," said Christopher P. Fuller, managing partner at Uni-World. "This transaction is about restoring the brewery's legacy and to drive future growth, and we intend to reinvest future cash flows back into the business."
Lozano, who has worked in sales and marketing with PepsiCo, Miller Brewing Co. and Coca-Cola, said Iron City is an iconic brand.
"I'm honored to be at the helm of a business that's a Pittsburgh institution," Lozano said in a statement. "I firmly believe Iron City has tremendous potential, and I look forward to helping write the next chapter in the brewery's history."
In July 2009, Iron City shut down production at its 10-acre Liberty Avenue facility after 148 years and transferred operations to a brewery in Latrobe that once produced Rolling Rock beer.
Iron City brews several brands, including IC Light and Augustiner Lager.
Hickman has said Iron City Brewing is talking with several buyers interested in purchasing the Lawrenceville brewery site, where construction began in 1868. Iron City Brewing is seeking historic landmark status for some of its 22 buildings.
Hickman was part of an investment group that purchased the brewery out of bankruptcy in September 2007.
