UTAH (ABC4) – A deal struck between PRC Restaurant Group and Monster Beverage Corporation back in Jan. of 2022 turned out to be more detrimental than helpful to the restaurants under the organization.
At the start of 2022, Monster entered into an agreement with CANarchy Craft Brewery Collective LLC to buy out their business for a total of $330 million in cash. Their purchase of CANarchy included the company’s adoption of both Squatters and Wasatch Brewery beers.
However, as stated in TownLift, the arrangement strictly included the company’s beers, not the restaurants themselves. This left PRC Restaurant Group co-owners, Peter Cole and Jeff Polychronis, in a state of uncertainty.
The organization’s co-owners are taking steps to recover the restaurants by reclaiming the six Squatters and Wasatch Brewing locations throughout Salt Lake City and Park City through purchasing the parent company of the restaurants – Salt Lake Brewing Company.
As emphasized by TownLift, the legacy of Salt Lake Brewing company will come full circle. Cole and Polychronis originally founded Squatters in 1989, which later led them to sell Salt Lake Brewing Company to CANarchy in 2012.