Last year was not good for Pyramid: the local brewer posted a $488,000 loss, which would have hit the millions if it hasn't sold off Thomas Kemper. But even with the sale, hops and other grains essential for the brewing process are still at astronomical highs and Pyramid just couldn't seem to get its costs under control. Today Vermont-based Magic Hat, a privately-held East Coast craft brewer announced that it would acquire Pyramid for $2.75 a share. The transaction is scheduled for completion in August.
According to a press release announcing the sale, Pyramid will continue to operate its offices in Seattle. Read the whole thing here. Investors were happy to get the news and after trading under $2 for the last month, Pyramid shares are approaching the projected sale price.