Genesee Brewery's rich history is displayed in it's brand new brew house. The company, in business since the 1800's, almost went bankrupt several years ago, "we were days away from going out of business," explained Rich Lozyniak, the CEO of North American Breweries.
Equity firm KPS stepped in, and was able to turn things around, "our employment has gone from 330 to over 500 today and its just been having the focus on building the business," said Lozyniak.
North American Breweries, which includes the Genesee Brewery has been sold to Cerveceria Costa Rica for $388 million, "of all the scenarios we had, this is the one that is the best," said Lozyniak, "nobody's job is at stake the name of the company will remain the same, North American Breweries, and the management will remain in tact."
Now the hope is Cerveceria will help the brewery continue to grow and create more jobs in Rochester, "with a much bigger company that owns us with a lot of financial resources they've told us they really want to accelerate the growth which is amazing because we're one of the fastest growing beer companies in America," said Lozyniak.
Lozyniak said it's still too early to tell how many new jobs will be created.