City Brewing Company’s Equity Investment and Business Updates

On March 16, 2021, City Brewing Company, LLC (“City”), the leading co‑manufacturer of high‑growth beverages in the U.S., announced a series of business updates, as well as an equity investment after which a consortium of investors including Charlesbank Capital Partners, Oaktree Capital Management, LLC, Blue Ribbon Partners, LLC, and City management will own 100% of City Brewing. As part of this $630 million investment program, City has agreed to acquire the Irwindale brewery operations from Pabst Brewing Company. Once operational, the newly named “Irwindale Brew Yard” will be the largest full‑service, low‑alcohol beverage contract production facility in the western United States. Cravath is representing City Brewing Company in connection with the transaction.

The Cravath team is led by partner Robert I. Townsend III and includes associates Michael Zhang and Eric S. Goodwin on M&A matters; partners George E. Zobitz and Paul H. Zumbro on certain financing‑related matters; partner Stephen L. Gordon and associates Peter W. Rogers and Carlos Nicholas Obando on tax matters; partner Eric W. Hilfers and associates Tiffany B. Wong and Laura S. Lee on executive compensation and benefits matters; and practice area attorney Brian M. Budnick on real estate matters.