McMenamins explained

McMenamins
Type:Private
Foundation:1983
Location City:Portland, Oregon
Location Country:USA
Locations:63 https://www.mcmenamins.com/find-us
Area Served:Western Oregon, Central Oregon, and Washington
Industry:Hospitality, Microbrewery
Products:Beers, Wines, Cider, Distilled spirits, Coffee
Revenue:$180 million (estimated as of 2017)
Owner:Mike, Robert and Brian McMenamin (founders and majority owners)
Num Employees:3,528 (as of 2018)

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.[1]

History

McMenamins was founded by brothers Mike and Brian McMenamin, who grew up in northeast Portland, Oregon.[2] They trace the beginning of McMenamins to the 1974 opening of Produce Row Café.[2]

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] 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. 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

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]

Locations

Individually notable locations include:

External links

Notes and References

  1. http://www.bizjournals.com/portland/stories/2009/04/13/daily10.html Oregon places 4 breweries on list of nation's 50 biggest beermakers
  2. http://www.wweek.com/html/covera051398.html Over One Million Served
  3. Web site: Portland breweries. 2013-06-20. Travel Portland. en-US. 2019-02-18.
  4. Web site: First look: McMenamins Mission Theater re-opens after renovations, focuses on second-run movie screenings. Mohan. Marc. 2014-06-07. oregonlive.com. en-US. 2019-02-18.
  5. http://portland.bizjournals.com/portland/stories/1997/02/03/story2.html Crystal ball forecasts McMenamins' future
  6. News: Hale. Jamie. McMenamins opens at Kalama Harbor, its 55th location. 2018-04-25. The Oregonian. April 21, 2018. B10. online date April 19.
  7. Web site: McMenamins Seeks $20 Million from Private Investors to Help Keep the Music Playing, Beer Flowing and "Secret Projects" Coming for Years to Come. . 2020-05-19. apnews.com. en-US. 2023-06-05.
  8. Web site: McMenamins looks for $20M equity infusion. Romeo. Peter. 2020-05-20. restaurantbusinessonline.com. en-US. 2023-06-05.
  9. Web site: McMenamins Grows the Family. Gusinow. Sander. 2020-06-05. oregonbusiness.com. en-US. 2023-06-05.