“During the transition, our top priority remains partnering with suppliers, serving our customers and driving our business forward,” the two said in their statement Sunday evening.
After the transaction’s closing, the company’s non-shareholder management team continue to lead the business, and the current sales, operational, and administrative teams will remain in place, they said.
Terms of the transaction were not announced. A beer industry newsletter put the value of the deal at close to $1 billion.
“Both our suppliers and customers will continue to receive the same excellent service they have come to expect from Heidelberg and Ohio Valley,” Miller and Vontz said. “We are working hand-in-hand with Redwood and know they have the right experience, knowledge, resources, and commitment to preserve the Heidelberg legacy and lead the company for generations to come.”
Heidelberg spent $20 million to renovate the former Cooper Tire & Rubber Co. warehouse in Moraine before moving its Dayton-area operations into that facility in 2013.
By 2015, Heidelberg employed about 1,400 people and distributed beer, wine and low-powered spirits to restaurants, bars, grocery stores and other retailers in much of Ohio and Kentucky
In 2017, Heidleberg scored a national shout-out by landing a “Top 10 in the U.S.” ranking from a respected industry publication. Wines & Vines Magazine listed the top 10 wine distributors in the country in its September edition that year, and Heidelberg made the list at number 6. The list included some distributors that dwarfed Heidelberg in size.
The Heidelberg web site says the company today has more than 1,600 employees, with 717 suppliers serving 26,000 retail accounts across Ohio and Kentucky.
The family-owned company started with German-born brewer Albert Vontz, who arrived in Cincinnati in 1907. After the Prohibition era, he drove a truck for the Heidelberg Brewery in nearby Covington, Ky. He kept the Heidelberg name when the brewery went out of business.