Largely unbeknownst to the public, for the last couple of years Issaquah, Washington’s Formula Brewing has sought new owners. Here at the Washington Beer Blog, we saw no reason to share the story publicly until some sort of outcome was realized. By all outward appearances, nothing changed. Beer flowed.
As we understand it, shortly after opening in 2020 there were some unresolvable disagreements among the business’s former owners. The best part of the beer business is the beer. The worst part is the business. Eventually, the company was turned over to a court-appointed receiver, Revitalization Partners (RP), and the beer kept flowing.
After nearly two years of resolving disputes and litigation, RP found new owners to take over the business. Yesterday, Gillett News reported that the new owners are a group of investors calling themselves Formula Brewing LLC. The King County Superior Court approved the sale last week.
“The proceeds from the sale have satisfied all major creditor obligations, and the buyer has acquired all assets of the company without any liabilities or liens,” said Gillett News. “The specific purchase price has not been disclosed.”
Revitalization Partners has operated the brewery and taproom since November 2021 as a court-appointed receiver. In April 2022, they petitioned the court and were appointed as a general receiver, which allowed for the sale of the brewery.
“RP designed a sales process that attracted 15 bids from investors across the United States, and Formula Brewing LLC emerged as the successful buyer,” said Gillett News. “The transaction was subject to approval from the landlord and regulatory agencies, which were ultimately granted.”
Formula Brewing is located in Issaquah, just off Interstate 90 at exit 15. The food menu focuses on pizza. The beer garden is expansive and you quickly get used to the sound of traffic whizzing by on I-90. Throughout the entire episode, the beer did not suffer: it is good.