Terrapin Beer Company (Athens, GA) is increasing their partnership with 10th & Blake, the craft division of MillerCoors. The company is acquiring a majority interest.
Around 2010, Terrapin was hitting their production ceiling with a strong need to expand. At that time, John Cochran, Terrapin co-founder, told Beer Street Journal his biggest problem was that he could only make just shy of 19,000 barrels a year. His orders were pushing 32,000.
At odds with their investors and in the middle of a shaky banking climate, Terrapin entered into a minority partnership with 10th and Blake. The 25% stake allowed for fermentor additions, plus a new 100-barrel Rolec brewhouse.
Today, the 10th and Blake partnership increases. Beer Street Journal has already spoken with the brewery to give you a clearer picture of what has happened.
The ONLY structural change is in upper management. Terrapin co-founder John Cochran will be departing after 14 years. Despite the urging of both companies for him to remain, Cochran is ready for a change. He’s been very operationally focused over the past few years, and has been very vocal about the constraints of antiquated Georgia laws. (It’s an embarrassment.)
Terrapin’s VP of Marketing Dustin Watts and co-founder “Spike” Buckowski tell us the partnership thus far has been very mutually beneficial. Plus, they want to enforce that it is the, “Same beer, made by the same people.”
Going forward, Terrapin will be widely increasing their barrel-aging program and plans on adding a sour program in the near future. Watts and Spike will be pushing the creative envelope further in the coming year. The brewery is already planning new market expansions.
The deal is expected to close in August.
Terrapin Beer Company was founded in 2002, producing 162 barrels of beer annually. This year, the brewery hopes to produce more than 64,000 barrels.
