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FOR
IMMEDIATE RELEASE
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Business
Inquiries:
KPS 212.338.5100
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Media Relations:
Mark Semer/Andrea Calise 212.521.4800
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KPS CAPITAL PARTNERS PORTFOLIO COMPANY,
NORTH AMERICAN BREWERIES, INC., COMPLETES SUCCESSFUL RECAPITALIZATION
New York, NY (November 8, 2010)
-- KPS Capital Partners, LP ("KPS") announced today that its
portfolio company North American Breweries, Inc. (“NAB”) has completed a
successful recapitalization. NAB raised $145 million of new financing,
including a $25 million revolving credit facility and a $120 million term
loan. The proceeds of the recapitalization were used to refinance
outstanding debt, to fund a $78 million cash distribution to stockholders
and to fund the Company’s continued growth.
Following the recapitalization, NAB remains conservatively
capitalized and has the continued support of KPS, its majority
shareholder. KPS and NAB management continue to own 100% of NAB’s common
stock.
Financing
for the transaction was provided by a syndicate of banks with RBS
Citizens N.A. acting as sole lead arranger and joint book runner, along
with JP Morgan Chase Bank N.A. acting as joint book runner.
Jenner & Block LLP served as legal
counsel to NAB with respect to the recapitalization.
About North American Breweries, Inc.
Headquartered
in Rochester, New York, North American Breweries, Inc. is a national
platform for investments and growth in the beer and malt beverage
industries. Formed in 2009, North American Breweries is one of the
largest independently owned beer companies in the United States. NAB manufactures, imports, markets and
sells its branded product portfolio through an independent network of
wholesalers throughout the U.S. NAB’s portfolio of brands includes: the
Labatt brands; the Genesee brands; the Original Honey Brown Lager and
Dundee Ales & Lagers; Seagram’s Escapes; Magic Hat; Pyramid; and MacTarnahan’s. NAB also performs contract brewing of
beer and other alcoholic and non-alcoholic beverages on behalf of other
companies. Additionally, NAB is the U.S.
distributor of Imperial from Costa Rica. NAB operates four
breweries across the United States,
including its flagship brewery, the Genesee Brewery, in Rochester,
NY, which is one of the largest and
longest continually-operating breweries in the United States.
For more information about North
American Breweries, please visit www.nabreweries.com.
About KPS Capital Partners, LP
KPS Capital Partners, LP is the manager of the KPS Special
Situations Funds, a family of private equity funds with over $2.6 billion
of committed capital focused on constructive investing in restructurings,
turnarounds and other special situations. KPS has created new companies
to purchase operating assets out of bankruptcy; established stand-alone
entities to operate divested assets; and recapitalized highly leveraged
public and private companies. The KPS investment strategy targets
companies with strong franchises that are experiencing operating and
financial problems. KPS invests its capital concurrently with a
turnaround plan predicated on cost reduction, capital investment and
capital availability. Typically, the KPS turnaround plan is accompanied
by a financial restructuring of the company's liabilities. The KPS
investment strategy and portfolio companies are described in detail at
the firm's website: www.kpsfund.com.
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