Magic Hat Pulls Out a Rabbit

Allan Newman of Magic Hat may wear silly yellow glasses, but he's certainly putting his money where his mouth is by purchasing ailing publicly traded craft brewer Pyramid for $25 million, plus another $10 mil in debt, taking it private. A private equity firm is financing the deal. That's in addition to the coin Magic Hat is putting up to double capacity at their brewery (or what they call their "artifactory") in Vermont. The combined company will sell over 300k