UPDATE: Co-founder, Joe Berwanger, posted a comment below indicating that the AngelList profile was two years old, that they bootstrapped the project instead of taking on investors and are not looking to ‘flip’ the company.
(Chicago, IL) – It’s Chicago Craft Beer Week. So what better way to celebrate than with the return of Baderbräu Chicago Pilsener, a local brand founded nearly 25 years ago? Here is how the Baderbräu re-birth started according to ChicagoBusiness.com.
Noticing that no one had claimed the domain www.baderbrau.com, Mr. Sama decided to register it. “I said, ‘What the heck? I’ll register it,’” he recalls. “At the time, I wasn’t thinking I would turn this into a business. I’ll put up a fan site or something.”
Later, when Mr. Sama checked on the Baderbräu trademark, he learned it had expired two months earlier. So he decided to grab that, too. Then he brought in Mr. Berwanger as a partner. They conducted a couple of surveys, learning that 40% of Chicago beer drinkers remembered Baderbräu — and many said they wanted it back.
Per the brand’s AngelList page, that isn’t quite right…
Our proprietary research shows that 25% of Chicagoland beer drinkers remember the beer, would like to see it back, and would pay a premium for it. We have acquired all rights to the brand and recipe, and are bringing the brand back. Our plan is to contract manufacture the beer and market and sell it in the Chicagoland area, eventually branching out to other Midwestern cities.
Maybe they are referring to two different surveys. No big deal. But then there is this…
Our research indicates that major beer producers pay between 2.5x and 3.8x sales for established craft brands.
So, is the company looking to stay independent for the long haul or looking to flip Baderbräu to the highest bidder? Only time will tell.
Also worth noting, Portsmouth Brewery and Smuttynose Brewing Founder and Owner, Peter Egelston, is listed as an advisor.