Cincinnati’s Rhinegeist Brewery has named Adam Bankovich as CEO and promoted several other leaders internally. 

Bankovich, who had served as interim CEO since late April, was promoted to CEO effective October 13. He joined Rhinegeist as chief commercial officer in October 2022, after nine years at San Diego’s Stone Brewing, last serving as VP of sales. He maintained the CCO role while interim CEO. 

Rhinegeist co-founder Bryant Goulding told Brewbound that the company received 250 applications for the CEO position but Bankovich proved he was the right fit for the role, quickly acclimating himself to every team and department and showing an understanding of the company’s strategy, culture and goals during his time at the helm. 

In addition to Bankovich’s promotion to CEO, Rhinegeist made three additional leadership promotions:

• Cole Hackbarth was promoted to VP of brewery operations. Hackbarth, who joined Rhinegeist in 2015, previously served as director of brewery operations. He will oversee brewing, quality, packaging, maintenance and engineering. 
• Marc Venegoni was promoted to VP of sales. Venegoni previously worked as director of national accounts. He and his team will be tasked with setting the brewery’s commercial strategy.
• Tracey Ireland was promoted to VP of marketing. Ireland previously served as director of marketing during her first eight years at Rhinegeist. 

🔮 Rhinegeist ‘Getting Out of Our Own Way’ Moving Forward

When Bankovich received his interim title earlier this year, Rhinegeist also began reevaluating its portfolio and innovation strategy. The company learned that the best approach was “getting out of our own way,” Goulding said. 

Goulding said: “If we can just cut through some of our own noise, make better decisions, have the discipline to do that, and then we put more ammo behind fewer brands, all of that is a flex.”

Rhinegeist is focusing on four pillars of innovation in 2024: 

• The Truth IPA brand family, targeting the 2 million case mark in 2024, supported by the addition of 12-packs of Juicy Truth, its hazy extension;
• More support behind Hop Box, its hoppy variety 12-pack, to “drive continued growth,” while “staying at a better price point.”
• Continued momentum behind Cincy Light, the light lager brand it launched this summer that helps support the name, image and likeness (NIL) fund Cincy Reigns for University of Cincinnati athletes.
• The “return” of Bubbles and the sunsetting of RGBevs, Rhinegeist’s line of malt-based, fruit-flavored alcoholic beverages. Bubbles will be the only flavor to live on, but will be reimagined to return to its original recipe as a 6.5% ABV beer/cider hybrid. Bubbles will also have a rotating line of flavor extensions in 2024, starting with Blood Orange. 

🗣️ Want to hear more about Rhinegeist’s strategy and leadership changes? 

Bankovich will give the keynote speech at Brewbound Live in Marina del Rey, California, followed by a Q&A with Bankovich and Goulding. 

Brewbound Live will take place December 6 and 7. Tickets are on sale now.

New Crystal Red is a drum roasted crystallized malt that contributes gold and red hues at low usage rates, with minimal flavor impact. It can be used at moderate levels for caramelized notes and darker red/brown hues. Crystal Red works well in a variety of beer styles from lagers to dark ales. Ask for a sample today! Learn more

A Reuters report earlier this month that San Diego-based hard kombucha and canned cocktail maker JuneShine is exploring a sale process is “a bunch of bullshit,” co-founder Greg Serrao said in a statement shared with Brewbound.

Serrao wrote: “We're always exploring ways to grow faster. We have a very high rate of sale on our cocktails, and on our kombucha, and a very low ACV [all commodity volume] on both. And we're the largest independent alcohol company in SoCal. We're always exploring ways to accelerate our distribution to close the delta between a high ROS and lower ACV. But there is no pending transaction currently.”

Citing “people familiar with matter,” Reuters reported on October 6 that JuneShine had tapped investment bank Perella Weinberg Partners to explore a sale, although noting that “no deal is guaranteed.” Reuters reported the sale could net more than $100 million.

The report added that JuneShine is expected to generate $40 million in revenue by the end of the year.

Bill Shufelt and John Walker, the founders of non-alcoholic beer maker Athletic Brewing, said the non-alcoholic (NA) beer segment is in the earliest days, during an interview on BevNET’s Taste Radio Podcast. 

Shufelt said he hopes new entrants enter the space with “their own unique voice, point-of-view, packaging.” He encouraged other brands to approach the world “from a positive sum mindset.”

Shufelt added: “This is a category in the first pitch of the first inning. It’s 1% of beer. It’s likely going to 20-plus% of beer. 

“Rather than looking to the side and fighting and thinking small ball, as a company and as Athletic, we’re generally trying to pick people up, build the category the right way, think long-term. We’re kind of like a horse with blinders on. We’re very much focused on our goals, our customers, our road ahead. When you take those blinders off and look at the side too much, the horse falls over.”  

Listen to the full interview here.

Diageo is set to introduce a new line of premium ready-to-serve cocktails that leverage the strength of some of its best-known labels into the soaring category. 

Dubbed The Cocktail Collection, the line will feature three new pre-mixed cocktails launching this fall including: 

• Ketel One Vodka Espresso Martini,
• Ketel One Vodka Cosmopolitan,
• And Tanqueray Gin Negroni. 

They will join Bulleit Manhattan and Bulleit Old Fashioned, which are already on the market. 

The Cocktail Collection will be available nationwide in four-serving 350ml (SRP $13.99) and eight-serving 750ml (SRP $25.99) glass bottles, with an average ABV of 20%. 

Diageo brand director Nikhil Shah said in the announcement: “Cocktail culture continues to flourish, so it’s only natural that consumers are looking to bring elevated drink experiences into their homes. But making cocktails at home, and doing it well, can be challenging for the less experienced bartender. The Cocktail Collection is here to alleviate those concerns with convenient, bar-quality cocktails from trusted brands, offering a wonderful new way to enjoy holiday celebrations together this year.” 

Brewbound Insiders can read more here.

Auction house Rabin Worldwide is hosting an online public auction for brewing equipment in excellent condition, located Reno, NV. The sale includes 3-vessel brewhouse, fermenters and brite tanks, hot liquor tank, bottling line, walk-in cooler and much more. Bidding until October 24th. Learn more

Switchyard Brewing has launched a crowdsourced equity funding round with the goal of raising $150,000, the Bloomington, Indiana-based brewery announced this week. 

Co-founder and CEO Kurtis Cummings wrote the brewery needs “an injection of cash and local support to continue operating, bringing you new products and experiences and the work that we do in our community.”

Shares begin at $100. The brewery has raised $29,000 from 24 investors, according to an email it sent today.  

Switchyard’s 10-year plan includes a production facility and outdoor taproom and distribution expansion into Kentucky, Ohio and Tennessee, according to a vision statement Cummings wrote.

Cummings said in a press release: “We've always believed in the power of community. This Equity Round is an opportunity for our most ardent supporters to become direct shareholders in Switchyard. With the challenges and impact of the COVID-19 pandemic, it's more important than ever that we come together and ensure the legacy of independent, community-driven businesses in Bloomington.”

Wandering Soul Beer has partnered with Homegrown Distribution to distribute the Beverly, Massachusetts-based craft brewery’s beers in its home state and in Rhode Island. 

Wandering Soul owner and founder Matt Smith celebrated the new partnership, saying in a press release: “Since Wandering Soul took shape in 2019, I've been primarily self-distributing. My delivery vehicles have ranged from a Honda Accord to a 2002 Honda Odyssey with 300,000 miles on it, and I am very excited to not only have help with the deliveries, but also to have the support of a distributor that has a lot of resources that I simply don't have as a single-person operation.”

Distribution will begin with Wandering Soul’s flagship beer, Melody Maker pale ale (4.9% ABV).

Nationwide on-premise sales have flattened after a slight downward tick, market research firm NIQ’s on-premise data arm CGA reported.

Sales velocity declined -1% in the week ending September 30 and remained flat in the week ending October 7, CGA reported.

Value velocity nationwide declined -2% compared to the same period last year, driven by a -4% dip in ticket counts, which was slightly offset by a +2% increase in check value.

The average check was $50.28 and retailers on average served 1,489 tickets in the week ending October 7.

On-premise velocity in 2023 has tied or bested 2022 velocity in nearly every week except Week 19 (ended May 14), Week 20 (ended May 21) and Week 38 (ended September 24).

Brewbound Insiders can read more about trends in CGA’s tracked markets here.

Along with returning Bubbles to its beer-centric roots, Rhinegeist will line extend the brand with rotating flavors, starting with Blood Orange. 

Check out a sneak peek of the flavors above.

The Brewbound Live business conference returns December 6-7 in Marina del Rey. 

Early registration pricing expires this Saturday, October 21, for Brewbound Live 2023.

Hear from:

• Brewers Association chief economist Bart Watson, 
• NBWA chief economist Lester Jones, 
• NIQ beverage alcohol vertical director of thought leadership Kaleigh Theriault, 
• 3 Tier Beverages analytics and client success consultant Stephanie Roatis, 
• Extra Mile Convenience Stores category manager Michelle Abdollah, 
• Crowns & Hops founders Beny Ashburn and Teo Hunter, 
• Tilray president of U.S. beer division Ty Gilmore, 
• National Black Brewers Association executive director Kevin Asato, 
• Bell’s Brewery EVP Carrie Yunker, 
• BuzzBallz founder Merrilee Kick, 
• BeatBox co-founder Aimy Steadman,
• Rogue Ales president Steven Garrett, 
• And Stateside Vodka CEO Clement Pappas. 

Additional speakers will be announced in the coming days.

Register now and save $100 per registration (Insiders save $200!).