Employees of Phillips Brewing can now own a piece of the pie-nt!
Matt Phillips, the founder of Phillips Brewing, announced today that he has sold a large portion of his company he started in 2001.
After being sole-owner of Phillips Brewing, he has decided to make his company public. According to Phillips, the aim of this move is to be “broadly owned” and “employee-centric.”
Phillips started the brewery 21-years ago in his apartment as the sole employee. Since then Phillips has become one of the largest and most recognizable beer companies in western Canada.
On January 5th, it was announced that BC-based Yellow Point Partners had bought into the company. They claim they are enthusiastic partners who are hands-off in day-to-day operations, but will be actively involved when it comes to strategic decisions.
Yellow Point Partners have a wide portfolio of businesses they’ve invested in including several industrial companies, Edo Japan, Foley’s Chocolates and FreshPrep.
Phillips said in the announcement that, “all employees are being given the chance to be owners as well as brewers, bottlers and beer evangelists,” meaning they’ll be able to buy into the company.
“Staff are the heart of our brewery and so it’s great to be able to recognize their effort, passion and dedication to the beers we brew, the spirits we distill and the non-alcoholic drinks we make with ownership in the brewery,” said Phillips told Victoria Buzz.
“I’m excited for the next chapter of the brewery, with all staff invested in the creative direction and commitment to quality and sustainability that have become hallmarks of Phillips Brewing.”
The opportunity will be given to employees who have been with the massive microbrewery for three years to become partial owners by buying into the company. In addition to this opportunity, Phillips will be doubling down on their investment up to a certain amount.
Phillips has announced that as founder, he will remain active in the day-to-day operations over the next few years with the goal that all of his employees will soon own a substantial and growing stake in the company.
“Our team is at the heart of everything we do, and this decision is a recognition of the incredible passion and talent of the employees of the brewery,” Phillips said in their statement.
“This change will set Phillips Brewing up as the company moves into a new chapter of its exciting growth tradition, fueled by expertly crafted exciting beer, spirits and non-alcoholic drinks.”
“As always, we will remain dependably independent.”