Paul Mueller Co. sells Springfield Brewing Co.

Paul Mueller Co. (OTC: MUEL.PK) today closed on the sale of Springfield Brewing Co. for $3 million to a group of Springfield investors operating under the name Front Row Property LLC.

The sale price includes a promissory note for $400,000 payable during the next five years, according to a Mueller Co. news release.

Springfield Brewing Co. operates as a restaurant, brewery and showcase of Mueller Co.'s brewery systems. The company manufactures stainless steel equipment and performs on-site construction, repair and maintenance.

When called for comment, Mueller Co. officials were signing closing documents at the bank.

The investor group comprises Ashton Lewis, brewmaster of Springfield Brewing Co.; Bryan Bevel, the restaurant's director of operations; Rhett Smillie, a broker with Keller Williams Realty; Cam Collins of Malone Finkle Eckhardt & Collins Inc.; Christina Chanter, a property investor; and John Schnoebelen of Murney Associates Realtors, according to a news release from the buyers.

“It has been my dream to find a group committed to the continued growth of SBC, so that it can not only remain a cornerstone of Springfield’s downtown community that it has been for so many years, but so that SBC can be taken to the next level - brewing quality beers for the region," said Lewis, who leads Front Row Property, in the release.

Springfield Brewing Co. will continue to showcase Mueller Co.'s stainless steel tank products.

“Those ties and roots will not be forgotten," Lewis said in the release.

Mueller Co.'s pink sheet stock closed Nov. 25 at $19, compared to its 52-week range of $13.50 to $27.[[In-content Ad]]