Milwaukee hard seltzer PRESS sold for $825K after receivership
What's the deal? Go 4 It Beverage, LLCDealroom has a profile for this one. Try Dealroom → has bought Milwaukee-based hard seltzer maker PRESSDealroom has a profile for this one. Try Dealroom → for $825,000, according to court records. The sale includes inventory, raw materials, finished goods, packaging materials, and intellectual property.
The backstory: Amy Walberg founded PRESS in her Fox Point kitchen in 2015 as a low-calorie, low-alcohol adult beverage. The company later drew a minority investment from Constellation BrandsDealroom has a profile for this one. Try Dealroom → in 2020.
Why now? PRESS was put into receivership in March, with 93 letters sent to potential buyers. By August, three qualified bidders had emerged.
The terms: Go 4 It Beverage paid a non-refundable $200,000 deposit to win the bid for XYZ Beverage HoldingsDealroom has a profile for this one. Try Dealroom →, PRESS's parent company, on August 7. Milwaukee attorney Devon Eggert was appointed receiver by the court.
What changes? The buyer lists a Massachusetts principal address, according to the state Department of Financial Institutions, moving ownership of the Milwaukee brand out of state. XYZ Beverage owed CBV Venters LLCDealroom has a profile for this one. Try Dealroom → $5.5 million and $1.4 million after the lender loaned it money and agreed to release liens on the assets.
The signal: A brand that grew from a home kitchen to a Constellation BrandsDealroom has a profile for this one. Try Dealroom → investment now sells for a fraction of its earlier promise, a reminder of how quickly the crowded hard seltzer market has cooled.
Image credit: Generated with Gemini
