Ever wonder what it would be like to own stock in a brewery? I actually did. Unfortunately for me, the stock was only worth $1.85 per share when offered, and the 10 shares I owned (that I got for free) are no longer worth the paper they are printed on. The year was 1996, and the craft beer boom was at its height. It seemed like anyone and everyone with a business plan and some investors wanted to get in on the craft beer industry. In 1996, two Connecticut businessman thought they could make it in the beer business. They started life as the Great Atlantic Brewing Company in CT, but shifted gears and thought they could find success and build a brewery in Rhode Island. The Great Providence Brewing Company, of Providence, RI was born.
Great Providence seemed like it was going to be a success and the owners seemed to have a sound plan. They offered stock in the company directly to the public cutting out brokerage firms and underwriters. The hope was to generate $2.8 million in revenue though the sale of 1.5 million shares of stock at $1.85 a share. This money would be used to build a 50 barrel brewery in Providence with the initial goal of brewing 50,000 bbls of beeer a year. In the meantime Great Providence would contract brew their beers, and would build brand recognition in the City of Providence. It almost worked.
Great Providence contract brewed one beer, a pilsner by style. Initially this was to be a draught only product, and in January of 1997 Great Providence Pilsner was available on draught at 31 restaurants and bars in the City of Providence. Plans were to bottle this beer as well, and it would be available at liquor stores in RI, CT, and eventually MA. Sadly that never happened. This beer remained a draught only product for a few months, when eventually it started to dissapear. By the end of 1997, Great Providence Brewing Company had went bust.
Great Providence seemed like it was going to be a success and the owners seemed to have a sound plan. They offered stock in the company directly to the public cutting out brokerage firms and underwriters. The hope was to generate $2.8 million in revenue though the sale of 1.5 million shares of stock at $1.85 a share. This money would be used to build a 50 barrel brewery in Providence with the initial goal of brewing 50,000 bbls of beeer a year. In the meantime Great Providence would contract brew their beers, and would build brand recognition in the City of Providence. It almost worked.
Great Providence contract brewed one beer, a pilsner by style. Initially this was to be a draught only product, and in January of 1997 Great Providence Pilsner was available on draught at 31 restaurants and bars in the City of Providence. Plans were to bottle this beer as well, and it would be available at liquor stores in RI, CT, and eventually MA. Sadly that never happened. This beer remained a draught only product for a few months, when eventually it started to dissapear. By the end of 1997, Great Providence Brewing Company had went bust.
The worst part here? Great Providence Pilsner was actually a pretty awesome beer. It really was a shame that this beer did not take off, because I remember being floored with how good it was. This beer was a crisp, clean pilsner with outstanding pilsner malt flavors with really fantastic herbal/grassy hop aromatics and bitterness. The body on this beer was so smooth and polished, I was amazed how flavorful yet drinkable this beer was on draught. It was the kind of beer you could drink a lot of, and that perfect balance between flavor and drinkability. Great Providence Brewing is yet another example of what might have been. I guess I could take comfort in the fact that I did have the chance to experience their beer, and will always remember this one.
Still have my shares somewhere around here! I brought them down to Atlanta and one of these days I'll scan them in. You're right, this beer was a great little pilsner with a bright hop aroma and bitterness. I remember drinking it on a cold night in Providence and just enjoying the hell out of it.
ReplyDeleteEnjoying the reminiscences, and while we're on them, remember Latrobe Black Bavarian? That was a fine little brew, too.
I do! That was another great beer, with plenty of flavor and very drinkable. It was a shame the market got flooded with micro brews, some very forgetable ones. The problem was, some very, very unforgettable beers, got lost in the shuffle. Great Providence and Latrobe Black Bavarian were two examples of great beers we should still be drinking, but are not.
ReplyDeleteFunny I found my 10 frees shares the other day and googled and found this page. Too bad about PBC and their one and only beer, ah what could of been. Anyway, plenty of other beer to enjoy, drink on!
ReplyDeleteI have the 10 free shares plus 300 shares.
ReplyDeleteI'll give you a good deal.
I'll pass since they are not worth the paper they are printed on.
ReplyDeletelol i have my ten free shares infront of me and im looking at the wonderful sailing ship printed on it isnt that curt shilling at the helm?
ReplyDeleteI also have my free 10 & 300 shares that if I remember correctly were only .75/share. I did find what appears to be their website address, http://www.americanbrewing.com belonging to a brewery in Washington state. Amazing how things change! I guess I'll pour a cold one and light a fire with old shares! :-)
ReplyDeleteYeah, was given these as a "gift" from a former employer. I am really glad I didn't go for the extra stock.
ReplyDeleteI also still have my 10 shares. But how did the company end up de-solving? through Bankruptcy or what? how they distribute theirs assets without sending us any notices?
ReplyDeleteI'm cleaning out an old desk and just found my ten free shares.
ReplyDeleteI found my 10 shares in my safe this morning...tried to follow up and found this info here..guess I will have to continue to live on my retirement income...no vaca for me!! Lol
ReplyDeleteJust found my 10 shares how funny
ReplyDelete