A Maryland investment firm paid $33.2 million for the Heidelberg Distributing beverage distribution business’ Moraine real estate, new property records show.
A real property conveyance fee statement of value and receipt puts the total consideration for the 3601 Dryden Road business site at just over $33 million.
The owners of Heidelberg Distributing told the Dayton Daily News in October that they agreed to sell their business and Ohio Valley Wine Co. to Redwood Capital Investments to the Hanover, Md. company.
After the transaction’s closing, the company’s non-shareholder management team was expected to continue to lead the business, and the sales, operational, and administrative teams were to remain in place, they said last year.
Terms of the transaction were not announced at the time, and the new receipt reflects only the purchase of the Dryden Road offices and large distribution building. A beer industry newsletter last fall put the value of the overall business deal at close to $1 billion.
Redwood is listed as the property’s buyer.
Heidelberg spent $20 million to renovate the former Cooper Tire & Rubber Co. warehouse — a 779,000-square-foot behemoth familiar to motorists on Interstate 75 — in Moraine before moving its Dayton-area operations into that facility in 2013.
By 2015, Heidelberg employed about 1,400 people and distributed beer, wine and low-powered spirits to restaurants, bars, grocery stores and other retailers in much of Ohio and Kentucky
In 2017, Heidelberg scored a national shout-out by landing a “Top 10 in the U.S.” ranking from a respected industry publication. Wines & Vines Magazine listed the top 10 wine distributors in the country in its September edition that year, and Heidelberg made the list at number 6. The list included some distributors that dwarfed Heidelberg in size.
The Heidelberg web site said the company last year had more than 1,600 employees, with 717 suppliers serving 26,000 retail accounts across Ohio and Kentucky.