[Updated x4] Green Flash Brewing Inc. Foreclosed, Sells Green Flash and Alpine Assets
(San Diego, CA) – As a conclusion to Green Flash Brewing ending their national expansion strategy, closing Virginia Beach and Cellar 3, we have just learned that Green Flash Brewing, Inc.’s largest shareholder, Comerica Bank has foreclosed on it’s loans due to outstanding debt and poor business health and that Green Flash and Alpine assets have been sold to a risk management company in Michigan named WCIPA, LLC. We are still trying to learn more about this company. Here is the official memo that Green Flash President and CEO Mike Hinkley sent to over 100 shareholders this morning.
“Dear GFBC, Inc. Shareholders,
On behalf of myself and the Board of Directors of GFBC, Inc. (the “Company”), I am truly sorry to report that the Company’s senior lender, Comerica Bank, has foreclosed on its loans and sold the assets of the Company (other than the Virginia Beach brewery) to WC IPA LLC through a foreclosure sale which closed on March 30, 2018. As such, the Company no longer owns the Green Flash and Alpine businesses. Comerica Bank is currently conducting a separate process to sell the Virginia Beach brewery.
After a general slowdown in the craft beer industry, coupled with intense competition and a slowdown of our business, we could not service the debt that we took on to build the Virginia Beach brewery — and in early 2018, the Company defaulted on its loans with Comerica Bank. While we took substantial efforts to recapitalize the Company over the past several months, both before and after the bank default, we were ultimately unable to close a transaction.
While the Green Flash and Alpine brands will continue, they will do so under new ownership — and GFBC, Inc. and Alpine Beer Company, Inc. will be wound down and dissolved. I sincerely thank you for your support over the years.
Sincerely,
Mike Hinkley
CEO
GFBC, Inc.”
Update 10:04am 4/3/18 – Here is a look to the California Alcohol Board. It would appear this new LLC has kept President Mike Hinkley on as an officer. LINK
Update 10:20am 4/3/18 – Press Release from Green Flash Brewing [Link]
Update 10:21 4/3/18 – New President Richard Lobo’s Profile [Link]
Update 10:23 4/3/18 – Profile on M&A Specialist, part of WC IPA, LLC Josh Yelsey [LINK]
Please check out our Green Flash Brewing archives for the entire history behind this as well as reviews and news from Green Flashes glory days. LINK HERE
July 8, 2018 @ 4:21 pm
I live in NJ. I tried West Coaat IPA last month when visiting Anaheim. I loved it and need to know how I can get this beer in Newark, NJ? It comes up at some restaurants in NY which I will find out soon if they still carry it, but is there a way to order a case or 6 packs??????
April 23, 2018 @ 4:38 pm
Their brand went downhill from their first expansion. The big, unfriendly atmosphere created at the very commercial building in SD is where I stopped following. Should’ve stayed in your L33 location.
April 22, 2018 @ 1:50 pm
Pretty sure the downward spiral started when GF WCIPA went from six pack to four packs, remaining near the same price…
April 4, 2018 @ 9:32 pm
Will we still be able to buy green flash in bottles in encinitas
April 4, 2018 @ 8:36 pm
The Original West Coast IPA was my favorite
They lost all my business, including the merch and brewery business I took there when when they quit the original
April 4, 2018 @ 12:59 pm
I’m a Virginia Beach resident and didn’t even know Green Flash had a local brewery. Wonder if Bud Light will move in?
April 6, 2018 @ 1:30 pm
Yea green flash was good and it wasn’t, but I like it. Maybe it’ll come back or might not.
April 3, 2018 @ 4:40 pm
Damn, cancel Christmas son. Some good beers over the years…except for the shitty fruit ones.
April 3, 2018 @ 2:48 pm
I live in Lincoln, NE where Green Flash was still developing a brewery/restaurant set to open this month. Interested to know what happens to that property.
April 3, 2018 @ 10:03 am
Mike cared more about trying to keep up with Stone and working out than anything else. As soon as Chuck left he should have known he was in trouble. The beers went downhill, and the good people left. it is a shame that Alpine went with it…