Canada, BC: Phillips Brewing and Malting Co. to change ownership

Phillips Brewing and Malting Co. is set to get a new owner after 21 years in business � or rather owners � as founder and current owner Matt Phillips transitions the company to a new business model, the Oak Bay News reported on January 5.

The company announced it is transitioning toward an employee-owned company, supported by an investment from B.C.-based Yellow Point Partners. Under the model, all full-time employees who have been with the company for at least three years will be able to purchase a share and become an owner.

�I founded the brewery 21 years ago, and it is a very different brewery from what it was when it began,� said Phillips. �Through those years, staff have taken on more and more responsibilities and roles here, and as they take on more of the responsibilities and I take on fewer, it just made sense that our ownership model be adjusted to give them the ups and downs of ownership to tie in to their other responsibilities.�

Phillips said the new ownership model aligns with everyone�s interests in the company, and from his perspective will give everyone involved a greater stake in the company, both literally and metaphorically.

He said the change won�t have any impact on the company�s ability to create the great stating and innovative beer they have become known for, and if anything should increase the culture of teamwork and a shared vision even more than it is today.

Phillips said he is unable to speak specifically to how much ownership he plans to retain and how much buy-in will cost for employees, but he said he has no plans to retire from the company any time soon and will remain active in it.

�It�s been a lot of positive reaction as you would imagine, there is a lot of excitement here right now,� he said. �I think we are going to see almost everybody who is eligible interested in becoming a part of it. And as time marches on and more and more people reach that threshold of three years, I think that enthusiasm for becoming an owner will only grow.�

Since launching in 2001, the company has expanded into the soda business and malting business � one of the few companies in Canada operating in that space.

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