McMenamins
TypePrivate
IndustryHospitality, Microbrewery
Founded1983
Headquarters
Portland, Oregon
,
USA
Number of locations
63 https://www.mcmenamins.com/find-us
Area served
Western Oregon, Central Oregon, and Washington
ProductsBeers, Wines, Cider, Distilled spirits, Coffee
Revenue$180 million (estimated as of 2017)
OwnerMike, Robert and Brian McMenamin (founders and majority owners[1])
Number of employees
3,528 (as of 2018)
Websitewww.mcmenamins.com
Crystal Hotel
Edgefield
Mission Theater

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]

History

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] 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 of 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

References

  1. 1 2 3 Over One Million Served Archived 2003-12-27 at the Wayback Machine, a May 13, 1998 article in Willamette Week
  2. ↑ Oregon places 4 breweries on list of nation's 50 biggest beermakers, from an April 14, 2009 article from the Portland Business Journal
  3. ↑ "Portland breweries". Travel Portland. 2013-06-20. Retrieved 2019-02-18.
  4. ↑ 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.
  5. ↑ Crystal ball forecasts McMenamins' future, a January 1997 article from the Portland Business Journal
  6. ↑ 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.
  7. ↑ "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.
  8. ↑ Romeo, Peter (2020-05-20). "McMenamins looks for $20M equity infusion". restaurantbusinessonline.com. Retrieved 2023-06-05.
  9. ↑ Gusinow, Sander (2020-06-05). "McMenamins Grows the Family". oregonbusiness.com. Retrieved 2023-06-05.
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