Louisville-based Neace Ventures announced today it has acquired Tin Man Brewing Co., based in Evansville, Ind.
“Neace Ventures is excited to announce the acquisition of Tin Man Brewing Company,” said Neace Ventures president Brad Estes in a news release. “The synergies this fine company brings to our food and beverage portfolio are countless. We proudly welcome the Davidson family into the Neace Ventures family.”
The venture capital company acquires a brewery that has struggled financially in 2017, as Tin Man ceased its taproom operations in March, while maintaining production and canning for its distribution channels.
Brewery management announced the closure March 19 on its website, saying, “Sometimes, as a business owner you hold out longer than you should because you believe things will ‘turn around.’ But things never did. It took us too long to figure out our tasting room/restaurant/brew pub dynamic and our production brewery has been burdened with the responsibility of keeping both aspects of the company open… We no longer have the resources to keep that relationship going and it’s with a heavy heart that we announce that we must close the tasting room.”
With Neace’s purchase of the business, the brewery will continue to operate with a full staff and its current management, with no cross-over with Falls City’s operations. Tin Man is located at 1430 W. Franklin St. in Evansville. Tap room operations will resume, but plans for reopening have not been finalized, according to a Neace spokesperson.
Prepared by Middleton Reutlinger and financed by German American Bank, the acquisition adds to a Neace portfolio that, in addition to 502 Winery and Falls City, includes Over the Nine and Brownie’s “The Shed” Grille and Bar.
“We’re very excited about this partnership,” said Tin Man Brewing president Nick Davidson in the release. “We have always been a family business, and now we’re becoming a part of a bigger family.”
“Falls City couldn’t be happier to welcome a new sister company,” added Falls City president Shane Uttich. “Tin Man’s brand reputation speaks for itself and its people are a class act. Our entire team is excited.”
Falls City recently announced it will move its Louisville brewing operation to East Liberty Street in NuLu/Phoenix Hill; the facility also will include a tap room, beer garden and canning line. Old 502 Winery will in the future expand its existing operations at 116 S. 10th St.