News Briefs for February 20, 2013February 20, 2013
•Glazer’s Inc. has named Orman Anderson senior vice president, mergers & acquisitions. Anderson, who will report to Glazer’s executive vice president and CFO Thomas Greenlee, was previously executive director of Mid-Cap Investment Banking at J.P. Morgan, in Dallas. In that post, he was responsible for originating and executing M&A and capital market transactions for a variety of companies. Dallas-based Glazer’s has undertaken an ambitious expansion strategy, with a goal of reaching $10 billion in sales by 2020. “We’ll do that by achieving continued organic growth, by expanding our presence in the U.S., and we’ll also be looking internationally,” Glazer’s president and CEO Shelly Stein recently told Shanken News Daily. The company made its first foray outside the U.S. market in 2012, when it formed a joint venture with USVI-based Premier Wines and Spirits to distribute beer, wine and spirits in the U.S. Virgin Islands.
•Coastal & Pacific Wine & Spirits, a division of Southern Wine & Spirits, has made three appointments in California. Lewis Kenrick has been named Pacific Wine & Spirits’ vice president, general manager for California, while Fred Fox has been named Pacific’s vice president, general sales manager Southern California. Kenrick previously served as vice president, chains at Pacific, while Fox previously led the on-premise division for Coastal Wine & Spirits in South Florida. Southern Wine & Spirits of California has also named Aki Toumasis to the newly created role of vice president, inside sales & direct marketing for Southern across the state. Toumasis previously served as vice president, general sales manager for Pacific (the role Kenrick will now assume). All three appointments are effective March 1.
•Atlantic City’s newest casino, Revel, has announced that it will file for Chapter 11 bankruptcy protection late next month. The voluntary, prepackaged bankruptcy will reduce the casino’s $1.5 billion debt by more than $1 billion by converting that amount into equity for lenders. The $2.4 billion casino opened less than a year ago and has struggled to bring in sufficient revenue, posting losses of $35 million in the second quarter of last year and $37 million in the third quarter of last year. In January, the casino had its second-worst month since opening, bringing in less than $8 million in total casino revenue. The company said in a statement yesterday that no taxpayer funds will be used to finance the restructuring. Last year, Revel received more than $300 million in assistance from the State of New Jersey, with the hope that Revel would revitalize Atlantic City, which suffered losses in the wake of Superstorm Sandy. Revel intends to keep its existing management in place and continue normal business operations, with the restructuring slated for completion by early summer.
•Maximilian J. Riedel has been appointed president of Riedel Crystal, marking the 11th generation of Riedel family members to lead the glass manufacturer and its subsidiaries. He takes over for his father Georg J. Riedel, who joined Riedel Crystal in 1973 and is known for forging partnerships with major wine players—including Robert Mondavi, Marcel Guigal and Angelo Gaja—and fostering the fine wine drinking culture. Maximilian plans to strengthen the company’s core European market and grow its presence in China, as well as open new Latin American markets over the next three years. He will be supported in these efforts by Georg’s daughter, Laetizia Riedel-Rothlisberger, who serves as Riedel’s corporate attorney and brand ambassador.
•Tampa, Florida-based craft beer and wine bar concept The Brass Tap has designed a new venue prototype exclusively for airports. The Brass Tap, which was acquired by sports pub chain Beef ‘O’ Brady’s in June 2012, offers more than 300 craft and imported beers, with 40 to 60 selections on tap, as well an array of wines and cigars. The new airport locations will also offer upscale food items, including salads, meats and cheeses. Brass Tap executives will be exhibiting the new airport prototype at the ARN Revenue Conference and Exhibition in Las Vegas later this month. There are currently five Brass Tap locations in Florida, with plans to open 14 additional units within Florida and in new states by 2014.