San Diego-based Green Flash Brewing Company has sold its assets to an investor group. The sale also includes Green Flash’s sister-brand, Alpine Beer Company.
Green Flash creditors foreclosed on its loans and sold its assets to WC IPA LLC through a foreclosure sale, according to industry journals and the San Diego Union Tribune. The publications cited a memo to shareholders from CEO Mike Hinkley sent last night. The memo also stated the brewery’s Virginia Beach production brewery would be sold through a separate process by the company’s senior lender, Comerica Bank.
Green Flash did not name the investor group in its press release. However, according to a California Department of Alcoholic Beverage Control filing, WC IPA LLC is named as the owner of Alpine Beer Company’s license.
With the sale came leadership changes as well. Founder Mike Hinkley will maintain a leadership role but Jim Kenny, vice president of sales, and Chris Ross, president, will leave. Dave Mills will replace Kenny. Mills previously served as chief sales officer at Ballast Point Brewing Company.
The news comes after Green Flash announced plans for consolidation. This year operations at its production brewery in Virginia Beach ceased, its barrel-aging facility in Poway closed, and the company discontinued distribution to East Coast markets.
Green Flash will now focus on the markets of California, Arizona, Colorado, Hawaii, Nevada, Texas, Utah, and Nebraska. It still plans to open Green Flash Brewhouse & Eatery in Lincoln, Nebraska, this month.