ZX Ventures, the venture capital arm of AB InBev has sold its investment in Northern Brewer, the leading online retailer of homebrewing and winemaking kits and equipment in the United States. The company is selling ingredients and homebrewers equipment online and runs brick-and-mortar stores in Minneapolis, St. Paul and Milwaukee. Buyer is an affiliate of Blackstreet Capital Holdings (BCH) a Bethesda, Maryland-based diversified holding company run by founder and CEO Murry Gunty. Financial terms of the deal were not disclosed.
ZX Ventures bought Northern Brewerand its sister company Midwest Supplies less than three years ago (inside.beer, 19.10.2016) and helped “make homebrewing easier and more accessible across the U.S.,” a ZX Ventures spokesperson told Brewbound. However, it seems that the business did not provide enough synergies with the rest of AB InBev’s business to justify further investments into the company.
“This transaction brings Northern Brewer back to its roots as an independent supplier of high-quality kits, ingredients, and equipment,” said Murry Gunty in a media release. “We are excited to partner with Northern Brewer and to continue its tradition of serving the craft beer industry since 1993.”
According to information gathered by Brewbound, Kevin Kuby, Blackstreet Capital Holdings’ executive vice president, will serve as interim CEO of Northern Brewer.