16 Jun Acquired By Neace Ventures, Tin Man Brewing Plans To Re-Open Evansville Taproom, Will Increase Production
by Mark E. Lasbury for Indiana On Tap
Tin Man Brewing in Evansville has announced its acquisition by Neace Ventures of Louisville, KY. The venture capital group has finalized a deal that will keep Tin Man in Evansville and will allow them to make even more beer.
Tin Man was opened in 2012, with Nick and Sara Davidson Davidson at the helm and Nick on the mash paddle. Known for innovative techniques and a green world view that includes using a mash filter instead of a lauter tun (see this article), Tin Man was forced to shut down their popular brewpub on Franklin Street in Evansville in March, 2017 due to a lack of working capital. Tin Man continued to make beer and distribute their craft product in Indiana, Kentucky, and Tennessee.
Tin Man and its wonderful line of beers never disappeared even when the brewery went up for sale. Now we are poised to see even more of the CSAR, Weld, Rivet, Overlord and others. Image credit: Tin Man Brewing
Nick stated that, “We are super excited about our new partnership with Neace Ventures, which will allow us to keep making the beer that we love.” Asked if any changes will be in the offing due to the new arrangements, Nick was happy to report Tin Man will be increasing production of Tin Man beers, and is looking to take on additional staff in the months ahead, especially as they prepare to reopen the taproom.
Neace Ventures approached the Davidsons and Tin Man several weeks ago with an idea to invest in their brewery operations. Immediately there was a great connection, with both parties holding the same vision for the future of the brewery.
This is not Neace Ventures’ first foray into craft beer.
They already own Falls City Beer in Louisville, the same branding as the beer company that began in 1905 and closed in 1978. Revived again by Neace Ventures in 2010, Falls City has been contract brewing at other facilities. The deal with Tin Man will develop a synergy between the Evansville brewer and the one in Louisville, as Tin Man will be able to brew for Falls City, while still being able to increase their own output.
The acquisition by Neace will also help Tin Man in that they will have access to knowledge and skills at Falls City if needed. It is a win-win situation for all involved. Of this cooperative relationship, Neace president and CEO Brad Estes said, “Tin Man has many synergies with our other properties. Tin Man and Falls City both distribute in Indiana, Kentucky and Tennessee and do well where the other is lacking.” (Evansville Courier & Press, June 16, 2017 by Mark Hartz)
Neace Ventures is an investment capital company based in Louisville but with holdings in many parts of northern Kentucky and southern Indiana. Image credit: Neace Ventures
Suffice it to say that all of Indiana and major parts of the Midwest are delighted to hear that Tin Man will continue operations and even enlarge their presence in craft beer. For Walter, she is happy to know that many of her favorite dishes will be back soon at the taproom restaurant (with some changes to the menu). For me, hopefully they will now consider the idea I gave them long ago to make an imperial version of the Damascene Apricot Sour Ale. Cheers to Nick, Sara, and all the Tin Man crew.
Neace Ventures is a venture capital company based in Louisville, KY. Formed by John Neace, after his founding and then selling one of the nations’ largest insurance brokerages. Neace Ventures prides itself on forming family relationships with its companies, and allowing its operators be operators, to do what they do best. Neace Ventures food & beverage holdings include Falls City Beer, Old 502 Winery, “The Shed” Grill & Bar, and the Over The Neace bar and restaurant. The company also has holdings in insurance and real estate, as well as investment partnerships in several southern Indiana and northern Kentucky companies, marinas and clubs.
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