Sullivan’s Brewing Company has announced the successful closing of its Series A follow-on round of investment led by investors in the United States and Europe.
The company raised over $1,265,000 in proceeds in the round, including €175k in further investment from Enterprise Ireland. The proceeds will be used to continue the company’s investment in growth and sales across the U.S. and Europe, and for working capital. The company has raised approximately $4,600,000 in funding since its launch in Ireland in 2016.
Located in Kilkenny, Sullivan’s was originally established in 1702, thrived until just after the First World War, and was re-launched in 2016. Sullivan’s Maltings Red Ale was chosen as Best Ale in the World (2017-18) at the International Brewing Awards in Burton-on-Trent, and was the first Irish brewery to ever win that prestigious award since the contest began in 1886. Today, their beers include classic Maltings Red Ale, Irish Gold Ale, and Black Marble Stout.
The leadership team across Ireland and the United States is led Alan Quane, CEO Sullivan’s Global (ex-Heineken, Diageo); Michael Meade, CEO Sullivan’s USA (ex-Deutsche Bank, Morgan Stanley, Citi); Dan Smithwick, CFO (ex-KPMG, Citi); and renowned Master Brewer, Ian Hamilton (ex-Diageo), who together helped execute Sullivan’s re-launch back in 2016 and have steered its continued growth on to today.
Sullivan’s first entered the U.S. market in Buffalo, NY in 2017, and has quickly expanded to other U.S. markets. In 2019, Sullivan’s added six new markets, primarily around the Great Lakes region. In 2020, they added nine new markets, including southern Michigan, Columbus OH, Pittsburgh PA, Savannah GA, northern New Jersey, Philadelphia and eastern Pennsylvania, and finally New York City, and its suburbs including Westchester County and Long Island. Sullivan’s currently distributes its ales in six states with live plans to add more. The current capital raise will further enable management’s continued efforts and focus on execution of its growth strategy.
“With the closing of this financing, we bring additional capital resources that further strengthen our balance sheet as we pursue continued expansion across the US and abroad,” said Michael Meade, CEO Sullivan’s USA. “This private placement represents another significant milestone for all of the company’s stakeholders and is a testament to the full team, inside and outside of the Company, who were able to collaborate to help us get this accomplished amidst a currently challenging operating environment.”