Waterloo Brewing partners with the Sherway Group to open new local Warehouse Facility
Highlights:
- Waterloo Brewing is partnering with the Sherway Group to operate a 150,000 square foot warehouse facility in Ayr, Ontario.
- The previously announced new can line installation has been upgraded to a capacity of 750,000 hectoliters per year to deliver a total can production capacity of 1.2 million hectoliters per year. Upon completion of the latest plant expansion, Waterloo Brewing's overall plant capacity will increase to 1.4 million hectolitres per year, making it one of the largest beer and alcoholic beverage production facilities in Canada.
- This latest expansion is a further commitment by Waterloo Brewing to the local Kitchener-Waterloo region, the province of Ontario, and represents the company's consistent investment in the local community which will lead to additional employment opportunities in the area.
KITCHENER, ON, Nov. 4, 2020 /CNW/ - Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company") (TSX: WBR), Ontario's largest Canadian-owned brewery, today announced that it will be partnering with the Sherway Group who will operate a 150,000 square foot warehouse facility in Ayr, Ontario and provide both storage and warehouse service on behalf of the Company. For the last 43 years, the Sherway Group has grown to be one of Ontario's pre-eminent providers of supply chain services in the beer and alcoholic beverage industry.
"Our business is experiencing double-digit growth on both our owned brands and our co-manufacturing business," stated George Croft, President, and CEO, Waterloo Brewing. "This partnership with the Sherway Group provides us with a top-tier solution that delivers the quality and integrity our products demand with the flexibility to readily adjust to the rapidly growing needs of our business. We are thrilled that this latest plant expansion and the strategic decision to partner with the Sherway Group will allow us to manage our anticipated growth over the coming years. We are equally excited that these decisions will result in the local hiring of more great people into the Waterloo Brewing family as well as at the new Sherway warehouse facility."
"Waterloo Brewing is an exciting company on a great trajectory. We envision a strategic partnership commencing to facilitate the growth of Waterloo Brewing," said Paul Rockett, CEO, Sherway Group. "Our state-of-the-art facilities, advanced technologies, and passionate team position Sherway to provide Waterloo Brewing a critical component in their fulfillment stream. We know we can scale their business competitively."
"Our brewing and production facilities are constantly evolving to keep us running as efficiently as possible while delivering the high-quality products we're proud to serve to our friends and neighbours," added Russell Tabata, Chief Operating Officer, Waterloo Brewing. "This latest strategic decision to partner with the experienced and professional team at the Sherway Group will allow us to continue to grow and making us one of the largest beer and alcoholic beverage operations in Canada."
About Waterloo Brewing
Waterloo Brewing is Ontario's largest Canadian-owned brewery. The Company is a regional brewer of award-winning premium quality and value beers and is officially certified under the Global Food Safety Standard, one of the highest and most internationally recognized standards for safe food production. Founded in 1984, Waterloo Brewing Ltd. (formerly Brick Brewing Co. Limited) was the first craft brewery to start up in Ontario and is credited with pioneering the present day craft brewing renaissance in Canada. Waterloo Brewing has complemented its Waterloo premium craft beers with the popular Laker brand. In 2011, Waterloo Brewing purchased the Canadian rights to Seagram Coolers and in 2015, secured the exclusive Canadian rights to both LandShark and Margaritaville. In addition, Waterloo Brewing utilizes its leading-edge brewing, blending, and packaging capabilities to provide an extensive array of contract manufacturing services in beer, coolers, and ciders. Waterloo Brewing trades on the TSX under the symbol WBR. Visit us at www.WaterlooBrewing.com.
Forward-Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute forward-looking statements as of the date of this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "seek", "plan", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to certain risks, uncertainties, and assumptions, which may cause actual performance and financial results to differ materially from such forward-looking statements. The forward-looking statements included in this press release are made only at the date of this press release and, except as required by applicable securities laws, the Company does not undertake to publicly update such forward-looking statements to reflect new information, future events, or otherwise.
* EBITDA is a non-IFRS earnings measure, therefore it does not have any standardized meaning prescribed by International Financial Reporting Standards and may not be similar to measures presented by other companies. EBITDA represents earnings before interest, income taxes, depreciation, and amortization, gain on disposal of property, plant, and equipment, and share-based payments. Management uses this measurement to evaluate the operating results of the Company. This measure is also important to management since it is used by the Company's lenders to evaluate the ongoing cash-generating capability of the Company and therefore the amounts those lenders are willing to lend to the Company. Investors find EBITDA to be useful information because it provides a measure of the Company's operating performance.
SOURCE Waterloo Brewing Ltd.
David Birch, Chief Financial Officer, (416) 895-4824, E-mail: [email protected]
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