CPE News (12/2/2019) – Bench Brewing Company, a craft brewery in the heart of Niagara Wine Country, has announced the closing of $1.5 million in mezzanine financing from BDC Capital Growth & Transition Capital earlier this year.
BDC Capital’s non-dilutive financing is supporting Lincoln, Ontario based Bench’s working capital needs.
photo credit: Bench Brewing Company
Niagara Wine Country’s Bench Brewing Company secures $1.5 million financing from BDC Capital
ST. CATHARINES and BEAMSVILLE, Ontario, November 29, 2019—Bench Brewing Company, an award-winning craft brewery in the heart of Niagara Wine Country, obtained $1.5 million in mezzanine financing from BDC Capital’s Growth & Transition Capital division earlier this year. Bench Brewing Company was launched in 2016 by Matt Giffen who, together with the experienced leadership team, experts and advisors he assembled, has succeeded in generating considerable traction for the brand in the span of a few short years. Bench is already one of the best-selling craft beer brands at the LCBO. Its products, which differentiate themselves from those of the hundreds of other Ontario craft brewers in part through their use of regionally sourced fresh ingredients, are also available in a majority of the grocery stores offering beer in the province as well as in a growing number of bars and restaurants.
BDC Capital’s non-dilutive financing is supporting Bench’s working capital needs as a young, rapidly growing enterprise. The financing took the form of a mezzanine loan with personalized and flexible terms, complimenting the existing investments made by the shareholders.
This deal was led by Carolyn Galbraith, Director, Growth & Transition Capital for the St. Catharines and Niagara Region at BDC Capital. “Bench Brewing’s differentiators, the quality of its team and of its management processes, and its ability to ramp up quickly are some of the factors that drew us to this transaction,” says Galbraith. “Matt Giffen and his team have brought a truly unique brewery to Niagara’s Wine Country whose distinctive products appeal to a wide range of consumers.”
“We are proud to have BDC Capital as financial partners as we continue to grow and expand our business,” says Matt Giffen, Bench’s founder. “Carolyn and the BDC Capital team’s experience, advice and professional approach to this transaction have been a very positive experience for Bench.”
About Bench Brewing Company
Bench Brewing is located in the renovated and historic Maple Grove Schoolhouse in the Town of Lincoln, Ontario, featuring a three-acre hops field, an outdoor beer garden, as well as a restaurant offering seasonal menus that draws on locally produced ingredients. The brewery addition spans over 16,000 square feet, with a 50HL brewhouse complete with canning and bottling capabilities.
Situated amongst Ontario’s finest agricultural lands, including, orchards, vineyards and fruit farms, Bench Brewing takes a farmhouse approach to craft brewing specializing in sour, barrel aged and mixed fermentation beers.
We focus on partnering with neighbouring farmers to source locally grown Niagara tender fruit and wine grapes which are then incorporated into the brewing process. Bench also uses local wine barrels to age and ferment beer, with a cellar of 14 foeders and over 400 barrels sourced exclusively from wineries in the Twenty Valley region of Niagara, Ontario.
Bench beer can currently be found in LCBO and grocery stores across Ontario as well as BC, Alberta, Quebec and the US.
For high-res photos: Click here. To connect with Bench Brewing online: Website: Benchbrewing.com; Facebook: @benchbrewing; Twitter: @benchbrewing; Instagram: @benchbrewing.
About BDC Capital
BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to entrepreneurs. With more than $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.