McMenamins
McMenamins is a family-owned chain of brewpubs, breweries, music venues, historic hotels, and theater pubs in Oregon and Washington. Many of their locations are in rehabilitated historical properties; at least nine are on the National Register of Historic Places. According to the Brewers Association, McMenamins is one of the top 50 largest craft breweries in the United States.[2]
| Company type | Private |
|---|---|
| Industry | Hospitality, Microbrewery |
| Founded | 1983 |
| Headquarters | , USA |
Number of locations | 63 https://www.mcmenamins.com/find-us |
Area served | Western Oregon, Central Oregon, and Washington |
| Products | Beers, Wines, Cider, Distilled spirits, Coffee |
| Revenue | $180 million (estimated as of 2017) |
| Owner | Mike, Robert and Brian McMenamin (founders and majority owners[1]) |
Number of employees | 3,528 (as of 2018) |
| Website | www |
History edit
McMenamins was founded by brothers Mike and Brian McMenamin, who grew up in northeast Portland, Oregon.[1] They trace the beginning of McMenamins to the 1974 opening of Produce Row Café.[1]
In 1985, McMenamins opened Oregon's first brewpub in the Southwest Portland neighborhood of Hillsdale.[3] Their first theater pub was the Mission Theater & Pub (1987).[4][citation needed] The company then entered the broader hospitality business starting in 1990, when they converted a 74-acre site (that at one time served as the Multnomah County Poor Farm) into McMenamins Edgefield. [citation needed] By 1997, food accounted for over half of McMenamins' total sales.[5] The company opened its 55th location in April 2018.[6]
First outside investment edit
While still primarily family-owned, in May 2020 McMenamins began raising $20 million from private investors in a Preferred Stock Offering to retire short-term debt as a result of COVID-19 shutdowns, to fund "secret projects" and to enable future expansion. This was the first time the company had opened direct investment in McMenamins, Inc. to those outside the McMenamin family.[7] The private equity offering conferred preferred shares at $100,000 each in private placements to 150 to 200 high-income individuals. The shares do not carry voting rights for their holders but McMenamins indicated that investors could expect a 3% annual cumulative dividend and a 6.5% overall return.[8]
The decision to open McMenamins to outside investors was in-part driven by impacts from COVID-19 with total revenue for McMenamins down 50% in the first 5 months of 2020.[9]
See also edit
- Édouard Frère Champney, architect who designed one of the buildings that is now a McMenamins
References edit
- ^ a b c Over One Million Served 2003-12-27 at the Wayback Machine, a May 13, 1998 article in Willamette Week
- ^ Oregon places 4 breweries on list of nation's 50 biggest beermakers, from an April 14, 2009 article from the Portland Business Journal
- ^ "Portland breweries". Travel Portland. 2013-06-20. Retrieved 2019-02-18.
- ^ Mohan, Marc (2014-06-07). "First look: McMenamins Mission Theater re-opens after renovations, focuses on second-run movie screenings". oregonlive.com. Retrieved 2019-02-18.
- ^ Crystal ball forecasts McMenamins' future, a January 1997 article from the Portland Business Journal
- ^ Hale, Jamie (April 21, 2018) [online date April 19]. "McMenamins opens at Kalama Harbor, its 55th location". The Oregonian. p. B10. Retrieved 2018-04-25.
- ^ "McMenamins Seeks $20 Million from Private Investors to Help Keep the Music Playing, Beer Flowing and "Secret Projects" Coming for Years to Come". apnews.com. 2020-05-19. Retrieved 2023-06-05.
- ^ Romeo, Peter (2020-05-20). "McMenamins looks for $20M equity infusion". restaurantbusinessonline.com. Retrieved 2023-06-05.
- ^ Gusinow, Sander (2020-06-05). "McMenamins Grows the Family". oregonbusiness.com. Retrieved 2023-06-05.
External links edit
- Official website
- McMenamins Brewery Collection, 1985-2013