1812 Brewing Company Inc (OTC:KEGS) Stock Surges After Announcing Definitive Agreement to Purchase Business and Assets of Maggie’s on The River
On Monday there were a number of companies which had come on to the radars of investors for one reason or another and one of those companies was 1812 Brewing Company Inc (OTC:KEGS). The company announced yesterday that it had been successful in completing the agreement last December pertaining to the acquisition of the assets and operations of Maggie’s on the River. It was a major new development for the company given the possibilities that the acquisition could open up for the brewery.
The site had been an industrial space in the past but in 1990s it had been renovated by the Red Lion Brewing Company. Eventually it became an event location and restaurant with the existing name. The establishment runs a comprehensive dining operation, which also boasts of as many as 44 draft beer lines on the first floor and 12 more on the second floor. Located in Watertown, New York, it is the only waterside dining restaurant equipped with a riverside deck. Additionally, the 2nd and 3rd floors, which had been newly renovated, were made available for dining as well as for private parties.
Tom Scozzafava, the Chief Executive Officer and Chairman of 1812 Brewing Company also spoke extensively about the acquisition and its implications. He noted that the company wanted to emerged as ‘Watertown’s Brewery’.
In this context, he stated that although the company did own a bottling and brewery plant spanning an area of 13000 square feet, it would not be a location that could be used for retail operations. However, the addition of Maggie’s to its portfolio would allow 1812 Brewing Company an ideal outlet for showcasing its products. Scozzafava noted that Maggie’s was known for its stellar reputation and also offered a total of 56 draft beer lines, which could help the company in promoting its beers.