Craft Brew Alliance, Inc. agreed to sell its Woodinville, Wash., facility to Sound Commercial Investment Holdings, LLC for $24.5 million. The transaction is subject to a financing contingency and other closing conditions that are expected to be resolved by the end of 2017.
As previously announced, the sale of CBA’s Woodinville property, which includes a production facility, office space, and restaurant, will complete a key phase in the company’s ongoing efforts to optimize its brewery footprint, reduce costs and improve gross margins. While CBA will provide more information on the financial and operational benefits of the sale at closing, the company anticipates a negative impact on 2017 earnings per share in the range of $0.02 to $0.03 as a result of contingencies and transaction costs directly related to the sale.