A group of Milwaukee-based investors and Sprecher fans led by Sharad Chadha have purchased Sprecher Brewing Co. from its Founder and CEO Randy Sprecher. Sprecher owns and operates a tasting room and visitor center in Glendale, Wis.
Sharad Chadha, a former executive at GE Healthcare, Samsung Electronics, ABB and Electrolux, will be the chief executive officer of Sprecher Brewing. Sprecher will continue as an investor with the new ownership group.
Asked why he decided to sell after 35 years, Sprecher said: “Sharad’s offer presented the ideal opportunity. It was important to me that Sprecher stay locally owned. This has been my life’s passion for decades, and I want to see the company thrive. With this talented and experienced group, I’m sure it will.”
“It is my goal to make Sprecher the craft beverage icon of America,” Chadha stated. “Much like Milwaukee, Sprecher Brewery is a little known gem with a great future ahead of it. Sprecher not only has a diverse portfolio — craft beer, soda, cider, hard seltzer and sparkling water — it also has the best tasting products in the industry. We want to capitalize on what Randy built and share these amazing beverages with as many people as possible. Sprecher Root Beer is a craft beverage icon, and we have the potential to significantly grow the company.”
Others in the new ownership group include well known Milwaukee entrepreneurs and advisors with significant experience in the consumer-packaged goods and beer industries. Andy Nunemaker will serve as chairman of the board; Peter Skanavis will be on the board. Industry veteran Jim Kanter will be part of the investor group and the company leadership team. Angel investors include Silicon Pastures. Commerce State Bank funded the debt, and the investors funded significant equity to make the purchase happen.
In 1985, Sprecher Brewing established itself as Milwaukee’s first craft brewery since Prohibition and has racked up a ton of national and international awards since, including the 2004 Great American Beer Festival Small Brewing Company of the Year. Sprecher produces more than 15 beer styles and nine craft sodas. Sprecher is best known for its most popular beverage, non-alcoholic Sprecher Root Beer.