Harpoon Brewery secures $3.5 million loan from RBS Citizens to finance brewery and visitor center expansion
Financing enables Harpoon’s continued growth in Boston’s Seaport District
Boston (April 10, 2012) – Harpoon Brewery, a pioneering New England craft brewery based in Boston, MA and Windsor, VT, and RBS Citizens announced today that they have finalized $3.5 million in financing for a major expansion of its brewery and visitor center in Boston’s burgeoning Seaport District.
The financing from RBS Citizens will allow Harpoon to purchase and install new bottling and labeling machinery that will run at higher speeds and with greater efficiency. It also allows Harpoon to move forward with plans to renovate and expand its visitor center later this year, enabling more extensive tours of the facility via a series of catwalks throughout the brewery. These enhancements will include the construction of a new beer hall to host a greater number of visitors.
Harpoon has experienced steady revenue growth over the past three years and is forecasting continued growth through 2012 and beyond as the market for craft beer continues to expand. Since 2008, production at the Harpoon Brewery in Boston has increased from 60,000 barrels a year to 120,000 barrels produced in 2011. An additional 55,000 barrels a year are produced at the company’s brewery in Windsor, Vermont, which is running at full capacity.
“We are passionate about brewing great beer and sharing it with fellow beer lovers who come to visit us. As we continue to grow, our relationship with RBS Citizens has enabled us to reach the next level of growth for our company,” said Rich Doyle, Harpoon’s CEO and co-founder. “When we first opened our visitor center in 1987, we received a handful of visitors each week; today, more than 2,000 people come every week to see where their favorite craft beer is made. We’re excited to welcome visitors to our expanded facility while we increase our capacity to meet the growing demand for Harpoon beer.”
RBS Citizens provides Harpoon Brewery with a wide range of banking services including cash management and foreign exchange solutions that allow the company to manage its supply-chain expenses and hedge against international currency fluctuations.
“As we have worked with the Harpoon leadership team for more than twenty years, it has been very exciting to witness the growth of their business and their customer base,” said Jerry Sargent, President of RBS Citizens and Citizens Bank in Massachusetts. “This is a company that knows how to make and market a great product, and as Harpoon enters this next phase of its strategic plan, we are pleased to continue partnering with this great home-grown Boston company to help drive its success in an industry that we expect will continue to grow.”
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc., is a $130 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has more than 1,500 branches, approximately 3,900 ATMs and approximately 19,700 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in more than 30 states. CFG is owned by RBS (the Royal Bank of Scotland Group plc). CFG’s website is www.citizensbank.com
The Harpoon Brewery:
The Harpoon Brewery was founded by beers lovers, Rich Doyle and Dan Kenary. In 1986 Harpoon was issued Brewing Permit #001 by the Commonwealth of Massachusetts, since it was the first brewery to brew commercially in Boston after a dormant period of about 25 years. Harpoon’s line of craft beer features its award-winning IPA and UFO Hefeweizen beers, along with four special seasonal selections. In 2000 Harpoon purchased a second brewery in Windsor, VT, making Harpoon the 9th largest craft brewer in the US. Harpoon has since introduced two lines of limited edition beers, the 100 Barrel Series and the Leviathan Series, as well as the all-natural Harpoon Cider made from freshly pressed, local apples. For more information about Harpoon beers and visiting the breweries, visit www.harpoonbrewery.com.