New Belgium Brewing announced the company’s Employee Stock Ownership Program (ESOP) has purchased the balance of company shares, making it 100% employee-owned. New Belgium has been a partial ESOP since 2000 with a controlling interest held by co-founder Kim Jordan and her family.
“There are few times in life where you get to make choices that will have multi-generational impact – this is one of those times. We have an opportunity to write the next chapter of this incredible story and we’re really excited about that,” Jordan said. “We have always had a high involvement ownership culture and this allows us to take that to the next logical level. It will provide an elegant succession framework that keeps the executive team in tact ensuring our vision stays true going forward.”
Jordan plans to remain CEO for the long-term and the executive team at New Belgium will continue in its current form.
The Fort Collins brewer is currently building a second facility in Asheville, North Carolina that will begin beer production in 2015. The transition to 100% ownership will enable New Belgium to include their future co-workers in Asheville.
The deal was completed on the 28th of December with a companywide announcement made during New Belgium’s annual winter retreat this week. All 456 employee-owners were present for the celebration. Prior to this deal, New Belgium co-workers held 41% of the company’s shares.