Here is a round-up of the latest news, hires, and product releases from around the bar and restaurant industry.
Waterloo Brewing to be bought by Carlsberg
Waterloo Brewing Ltd. announced that it has entered into a definitive arrangement agreement with Carlsberg Group pursuant to which Carlsberg has agreed to acquire all of the issued and outstanding shares of Waterloo Brewing, by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Under the terms of the Arrangement Agreement, holders of Waterloo Brewing Shares will receive C$4.00 in cash for each Waterloo Brewing Share held, which implies an aggregate equity value for Waterloo Brewing, of approximately C$144 million, on a fully diluted, in-the-money, treasury method basis and an enterprise value of C$217 million. The total offer Consideration also represents an implied TEV/LTM EBITDA multiple of 12.4x, based on Waterloo's third quarter results ending October 30, 2022.
"We've enjoyed a close relationship with Carlsberg and are excited about becoming part of one of the largest brewing companies in the world," said George Croft, Waterloo Brewing's President and CEO. "Waterloo Brewing will be a great fit with Carlsberg's strong, purpose-driven culture, and our Board of Directors is confident that joining Carlsberg is the best long-term solution for our employees, partners, customers, consumers and community."
Novo Fogo Cachaça Announces Partnership with Grammy-Nominated SOFI TUKKER
Novo Fogo, a rainforest preservation steward and producer of award-winning Brazilian sugarcane spirits and ready-to-drink cocktails, welcomes the Grammy-nominated dance music superstars SOFI TUKKER as equity partners in the company.
Energetic music and colorful drinks shared among friends are key ingredients of life celebrations. SOFI TUKKER’s eponymous duo Sophie Hawley-Weld and Tucker Halpern will share the joy of Novo Fogo with SOFI TUKKER music-lovers known around the world as “The Freak Fam” and beyond. As Novo Fogo’s Chief Alegria Officers, (ChAOs) their areas of focus will include brand growth and strategy, product development and innovation, content creation and rainforest conservation initiatives.
The duo says of the partnership: “We have a lot in common with Novo Fogo – we share a core love of Brazil, fun, and environmentalism. Cachaça is Tuck’s favorite drink and Soph doesn’t drink alcohol, but she’s still at the same party… both having the best time. This partnership works because Novo Fogo is so much more than cachaça and spirits; they are a powerful rainforest preservation steward, and we’re enthusiastic participants in the reforestation project The Un-Endangered Forest."
Full Course Founder and CEO Lauren Fernandez named to 75 Latinas to Watch
Full Course Founder and CEO Lauren Fernandez has been named to the 2022 Association of Latino Professionals for America (ALPFA) list of 75 Latinas to Watch. The list is comprised of Latinas who are using their influence in service to their community and empowering and encouraging the next generation of leaders.
Fernandez’s career trajectory has taken her to different areas of the restaurant business from General Counsel for FOCUS Brands to a multi-unit franchisee. Her experience as a franchisee in female-founded concept Chicken Salad Chick® illuminated to her the need for diversity in emerging restaurant brands. She founded her restaurant development and investment firm Full Course in 2021 to create sustainable growth for new and emerging independently owned restaurant brands, especially those owned by women and minorities. Full Course creates space at the table for diverse faces and flavors in the industry through mentorship, education, development, and fair access to capital.
One Eight Distilling Rebrands as District Made Spirits
Delicious spirits from locally sourced heirloom grains are handcrafted in Washington, DC by the distillery District Made Spirits, formerly known as One Eight Distilling since 2015. With an updated look and new website, the portfolio includes the Core Spirits Series and the experimental small-batch District Made Untitled Series.
District Made Spirits embodies the essence of Washington, DC, with five adventurous rye-forward spirits true to the hardworking values and terroir of the Mid-Atlantic. Each of District Made Spirits’ five products – Vodka, Gin, Barrel-Rested Gin, Bourbon, and Rye - explores the Abruzzi rye grain’s signature “spice box” of flavors.
“By streamlining the brand, we’re focusing our attention on our core range of spirits that are made from grains grown in Maryland and Virginia and milled, mashed, fermented, distilled, aged and bottled here in Washington, DC,” Laufer says. “No matter what spirit you choose, each pour from District Made Spirits represents our signature flavor, unparalleled taste and determination known as the Heart of Rye.”
Whiskey of the Year Announced
Whisky Advocate has announced Jack Daniel’s Bonded Tennessee Whiskey as the 2022 Whisky of the Year, as determined by their blind tasting panel.
In selecting the whiskeys for this final blend, the search was on throughout the warehouses for whiskeys with boldness and depth of color. Like all bonded whiskeys, Jack Daniel’s Bonded was produced in one distilling season, aged for a minimum of 4 years, and bottled at 50% alcohol by volume. This whiskey is one with lots of character, offering a host of flavors that marry well.
Monin Americas Announces Partnership with Bee Downtown
Monin Americas, an award-winning premium flavoring company with over 100 years of experience, announces its partnership with Bee Downtown, installing beehives at its Clearwater headquarters. The partnership adds Monin to the Bee Downtown Corporate Hive Program—a project dedicated to creating experiences that allow employees to uniquely engage with bees, agriculture, each other and their workplace—and will further Monin’s devotion to supporting honeybee colonies. The development of the three hand-painted and Monin-branded, on-site hives will extend the company’s initiative to educate employees and the community on the environmental and economic impact of pollinators.
“Our goal is to consistently build up and inspire a sustainable world of flavor, and understanding our pollinators is essential to that achievement and to the preservation of our environment,” says Stasha Johnston, senior vice president of marketing. “We are thrilled to have an even deeper involvement in the protection of bees by educating our team and taking action to incite a local and national impact.”
Jack in the Box CFO Steps Down
Jack in the Box Inc. announced that Tim Mullany, Executive Vice President, and Chief Financial Officer will be leaving the Company for personal reasons, effective February 2, 2023. The Company has initiated a search for a new Chief Financial Officer.
Mullany joined the Jack in the Box Inc. team in January 2021 and most recently led the Del Taco acquisition. He made significant contributions over the past year in support of the Shared Services organization.
Darin Harris, CEO, said, “I appreciate Tim’s partnership as he guided us through a period of unprecedented inflation while simultaneously integrating our two Brands this year. We wish him the best of luck and we are certain the Finance team will be in good hands until his successor is named.”
Smith & Wollensky Celebrates 45 years
Smith & Wollensky is celebrating its anniversary with a variety of commemorative activations including an exciting collaboration with legendary bourbon distillers, Maker’s Mark, in addition to custom steak knives created by master craftsman Adam Simha from MKS Designs. The time-honored brand also has plans for new locations slated to debut within the next year including expanding its presence in greater Boston and new locations in Washington D.C. and internationally.
Burlington is the first location that will be home to the newest Smith & Wollensky, expanding the company’s presence in its hometown of Boston, Massachusetts. More details about the plans for Smith & Wollenksy’s long-awaited return to the nation's capital, Washington, DC. and across the globe will also be announced soon.
Smith & Wollensky has partnered with Maker’s Mark for the restaurant’s 45th anniversary, debuting Maker’s Mark Private Select Barrel. Smith & Wollensky will also debut a custom steak knife in collaboration with Boston-based craftsman Adam Simha of MKS Designs. Created to compliment the steak-eating experience, the knife features quality materials and a bespoke shape and design.
Old Forester's Newest Release in the Acclaimed 117 Series: Extra Extra Old
Old Forester Distilling Co. releases the latest edition in its coveted 117 Series: a double-barreled bourbon that stayed in the second barrel for an unusually long time. The result is a bourbon of exceptional quality with pronounced sweet and spice notes. Old Forester took its beloved 1910 expression and aged it in a second barrel for 24 months.
"This expression was born from a creative and innovative experiment while staying true to the classic taste which sets Old Forester apart," said Master Taster Melissa Rift. "Although I only joined Old Forester last month, this was one of the first new limited expressions I was honored to taste – and the extra long double barreling leads to an explosion of flavors."
Plan to Attend or Participate in Bar & Restaurant Expo, March 27-29, 2023
To learn about the latest trends, issues and hot topics, and to experience and taste the best products within the bar, restaurant and hospitality industry, plan to attend Bar & Restaurant Expo, March 27-29, 2023 in Las Vegas. Visit BarandRestaurantExpo.com.
To book your sponsorship or exhibit space at Bar & Restaurant Expo, contact:
Veronica Gonnello (for companies A to G) e: [email protected] p: 212-895-8244
Tim Schultz (for companies H to Q) e: [email protected] p: (917) 258-8589
Fadi Alsayegh (for companies R to Z) e: [email protected] p: 917-258-5174
Also, be sure to follow Bar & Restaurant on Facebook and Instagram for all the latest industry news and trends.