Modern Times Beer announced today that 30 percent of the company is now held in an employee stock ownership plan (ESOP), through the repurchase of shares held by outside investors.
Majority owner Jacob McKean says “this is my single proudest achievement as Founder & CEO of Modern Times.” A press release stated that “it is the goal of Modern Times to work towards 100 percent employee ownership.” The ESOP deal structure was facilitated by Ambrose Advisors, with Neil Brozen of Ventura ESOP Fiduciary Services overseeing the ESOP in an independent role.
The four-year-old brewery is the first in California with this business model. Other brands include Boston’s Harpoon, Fort Collins’ New Belgium and Odell, and Bend’s Deschutes.
“Modern Times is proof that a start-up brewery can compete and win in the craft beer market without selling out, all the while taking outstanding care of our employees and rewarding our investors,” says McKean, who wrote more about the decision in today’s blog post.