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Offered by First Democracy VC

Uncle Billy's

Austin brewery serving craft beer, craft cocktails and Texas BBQ

85%

Investors

88

Time to Invest

Security Offered

Revenue Share

Minimum Investment: $100

  • Celebrating its 12-year anniversary in April 2018

  • After launching its spirits and craft cocktails line in April 2018, the company generated $231,538 in total monthly sales, a 52% increase from March.

  • Started selling spirits and craft cocktails on tap on April 6, 2018

  • Multiple gold and silver medal winner at the Great American Beer Festivali and bronze medal winner at the World Beer Cupii

 

Perks

*You are investing in a promissory note in this offering. Perks are meant to be a thank you from the company for investing. Alcohol perks are redeemable on site at Uncle Billy’s Brewery & Smokehouse in Austin, Texas, or investors can request it to be delivered, in which case they must pay a shipping fee that will be based on their state or country, assuming that it is legal to ship to that destination.

Each investment level is inclusive of all lower dollar amount perks

$250: One signed and numbered bottle of Uncle Billy’s handcrafted Vodka.

$500: A $100 gift card to Uncle Billy’s Brewery & Smokehouse.

$1,000: Lifetime membership to the Uncle Billy’s Mug Club (see details in product section below).

$5,000: Personal brewery tour and “Special Pairing Dinner” for 10 at Uncle Billy’s Brewery & Smokehouse on Barton Springs Road (max tab for food and alcohol: $500).

$10,000: Customized Kegerator with Uncle Billy’s tap handle for your home and (1) 1/6 barrel (BBL) of craft beer per month for a year; 1/6 BBL is equivalent to 41 pints (16 ounces) of beer.

$25,000: Brew your own craft beer with Stephen, the head brewer of Uncle Billy’s, and name it. It will be served on tap at Uncle Billy’s Brewery & Smokehouse, and you can take home the first keg!

$50,000: Reserve the entire Uncle Billy’s Brewery & Smokehouse location for a private event (up to 250 people, up to $5,000 max tab on food and alcohol).

Overview

Opportunity

Founded in 2006, Uncle Billy’s Brewery & Smokehouse is a local restaurant and craft brewery located in the heart of one of Austin’s funkiest restaurant rows. Uncle Billy’s is named for William “Uncle Billy” Barton, a Texas settler who established a homestead on the west bank of the Colorado River and at the mouth of Spring Creek ─ the location that is now home to Austin’s famous Barton Springs Pool. Uncle Billy’s offers a combination of award-winning craft beers, distilled spirits, craft cocktails, and slow-smoked Texas barbeque served in a relaxed setting with a huge outdoor patio and live music.

Uncle Billy’s distilled spirits permit was approved in February 2018, and the new distilled spirits and craft cocktail program is now currently being introduced to the public on a limited basis. Uncle Billy’s Taproom, LLC is wholly owned by Uncle Billy’s, LP, which is responsible for all of the production, distribution, and sales for Uncle Billy’s beer brands, which currently include The Green Room IPA, Lazy Day Lager, and Barton Springs Pale Ale. Uncle Billy’s, LP recently purchased the Pedernales Brewing Company beer brands, including the popular Robert Earl Keen labels in February 2018. All production for the distribution of Uncle Billy’s and Pedernales beer brands is currently being done at the new state-of-the-art Celis Brewery in North Austin, Texas.

The Uncle Billy’s Brewery & Smokehouse on Barton Springs Road is located in the heart of South Austin along the riverbed and within walking distance to Zilker Park and Barton Springs Pool. Hundreds of thousands of people frequent South Austin while attending annual events such as the Austin City Limits (ACL) Music Festival, Blues on the Green, Kite Festival, and Trail of Lights. 

Product

Uncle Billy’s offers a variety of award-winning craft beers, distilled spirits, craft cocktails, and Texas barbeque at its 8,500-square-foot Barton Springs Road location in Austin, Texas. Customers can purchase a single beer or sampler flights if they’d like to taste several styles. The craft beers on tap are regularly updated and rotated. Some notable favorites include the Lazy Day Lager, Green Room IPA, Barton Springs Pale Ale, Brew Oyster Cult, Billy Bock, Berdoll Brown, and Jacobite Scotch Ale. Uncle Billy’s also offers a selection of the Pedernales beer brands on tap, including the Pedernales Classic, Lobo, and popular Robert Earl Keen beers. Currently, all of the craft beers – including Uncle Billy’s core brands that are being produced and distributed at Celis Brewery – are also brewed at the Uncle Billy’s Brewery & Smokehouse location on Barton Springs Road in a 20 BBL system using malt imported from Germany along with many locally sourced ingredients.

Uncle Billy’s offers an expansive menu that includes appetizers, burgers, salads, sandwiches, desserts, and smoked meats like brisket, pulled pork, chopped beef, turkey, chicken, sausage, and ribs. It also offers a special brunch menu served on the weekends featuring breakfast tacos, smoked brisket hash, and a signature pork belly and fried egg sandwich. Uncle Billy’s provides full-service corporate and private event catering with a choice of smoked meats, tacos, breakfast tacos, and sides. If a customer would rather the food be cooked to order at the event, the Uncle Billy’s food truck is available. Customers can typically find Uncle Billy’s “On the Go” rotating at other local breweries and bars around the Austin area. 

Uncle Billy’s offers an annual membership called the Mug Club for $80 per year. Joining the Mug Club gives customers perks like a 23-ounce beer for the same price as a pint on every visit, a free Mug Club T-shirt, a first chance to try new beers on tap, discounted pint pricing on select days, 20% off merchandise, and 10% off food all the time.   

Uncle Billy’s also regularly updates its calendar of events, hosting weekly concerts, Monday “Wings Night”, Honky Tonk happy hour, and many more monthly events on a seasonal rotating basis.  


Use of Proceeds and Product Roadmap

Uncle Billy’s intends to use proceeds from this raise to expand its operations and to develop additional revenue streams. This includes introducing and rolling out the new “Uncle Billy’s Spirits,” a craft cocktail program, and food products to the market through distribution. If the minimum amount of $50,000 is raised, Uncle Billy’s will allocate 75% of the funds to general working capital. If the maximum amount of $1,070,000 is raised, 33% will be allocated to repayment of debt, 27% to general working capital, 14% to general marketing, 9% to leasehold improvements, and 7% to research and development. The company has discretion to alter the use of proceeds mentioned based upon prevailing market conditions and Board approval.

Business Model

Uncle Billy’s has already begun to roll out its new “Uncle Billy’s Spirits” program to customers at the brewstillery. Initially, vodka and bourbon are being sourced from local craft spirit producers and will be custom blended and bottled on site. Uncle Billy’s will also source barrels from other Texas distilleries while still creating, mashing, and fermenting in house to create a uniquely Texas crafted whiskey. The company is in the process of developing its own proprietary gin recipe using local Texas botanicals.

Uncle Billy’s has also recently rolled out its new craft cocktail program, including vodka cocktails on tap such as a signature Bloody Mary, Cucumber Sipper, Spiked Lemonade, and a Black Cherry Bloom. All cocktails will also be packaged and sold by the bottle “to go.” Uncle Billy’s is also introducing bourbon cocktails, such as its own version of a Manhattan and another signature craft cocktail called the Backwoods Sipper. In addition to these craft cocktails, Uncle Billy’s is also producing its own non-alcoholic beverages to be used as mixers or on their own, including root beer, ginger beer, sparkling cider, and flavored sparkling water. All of these products will be both packaged and sold by the bottle or on tap to customers.



Additional plans include expanding food distribution to retail outlets in Austin and across Texas with products like barbeque sauces, rubs, beef jerky, ribs, and sausage. Uncle Billy’s is planning on selling these products through several local distributors.


Uncle Billy’s currently offers food, craft beer, handcrafted spirits, and craft cocktails on tap. See menu below:

Historical Financials

Since completing the sale of the brewpub to Uncle Billy’s Taproom, LLC in June 2017, sales have ranged between $88,119 and $244,877 per month. These sales numbers include all food, catering, food truck, beer, non-alcoholic beverages, merchandise, and Mug Club sales at the Uncle Billy’s Brewery & Smokehouse location on Barton Springs Road. The spring and summer months typically have the highest sales as more people visit South Austin to enjoy the outdoor events and activities during this time. October typically has the highest sales due to the ACL music festival, which takes place over two weekends in Zilker Park within walking distance to Uncle Billy’s. Between June 2017 and April 2018, sales totaled $1,640,034; food and non-alcoholic beverage sales accounted for about 50% of all sales while alcohol accounted for 48%, and merchandise and Mug Club sales accounted for 2%. The company was issued its new Distiller’s permit in February 2018 and began selling spirits and craft cocktails on April 6, 2018.In April, the company generated $231,538 in sales, a 52% increase from March.

Note: monthly financials have not been audited or subject to financial review.

Between June 2017 and April 2018, expenses totaled $1,809,643. Over that period, monthly expenses ranged from $129,246 to $213,271. These expenses include all cost of goods sold, management salaries, employee labor, health insurance, payroll taxes, alcohol taxes, restaurant expenses, utilities and facility expenses, general and administrative, overhead, and all remaining operating expenses of the business. Expenses increase in the busier months due to variable costs such as cost of goods sold, labor, taxes, and utility expenses. Payroll was the largest expense, averaging approximately $56,301 per month or 34% of total expenses, followed by restaurant and facility expenses, which averaged approximately $35,258 per month or 21% of total expenses. Uncle Billy’s ramped up labor and supply costs in March 2018 in anticipation of rolling out its distilled spirits and craft cocktail program in April 2018. 

Note: monthly financials have not been audited or subject to financial review.

During the new company’s first eleven months of business between June 2017 and April 2018, Uncle Billy’s Taproom, LLC generated a net loss of $321,759. The company anticipated it would generate a net loss during the first few quarters as November to February typically represent the slowest time of the year which had a notable impact on net income. In addition, the company did not benefit from any liquor sales during this start-up period due to the change in licensing, which occurred when Uncle Billy’s Taproom, LLC purchased the assets of the business in June 2017. During the month of April 2018 (Uncle Billy’s first month of selling liquor) it sold $19,424 in distilled spirits and craft cocktails and produced a positive operating cash flow of $8,244.

Note: monthly financials have not been audited or subject to financial review.


Press

Eater Austin: Uncle Billy’s Brewery Buys Up Texas Hill Country Brewery

Austin 360: With new brewer at helm, Uncle Billy’s is about to become Austin’s latest ‘brewstillery’

Austin American Statesman: Uncle Billy’s, under new ownership, will expand by contract brewing at Celis

Culturemap Austin: 3 beloved Austin breweries celebrate big birthdays – and reveal what’s brewing next

Brewbound: Uncle Billy’s Acquires Pedernales’ Beer Brands

Dallas Morning News: Robert Earl Keen's beers are back on Texas shelves after producer buyout

Beer Alien: Uncle Billy’s Brewery Expands To Include New North Location At Celis Brewery

Industry

According to Grand View Research, the global craft beer market is projected to reach $502.9 billion by 2025.iii  In 2017, craft beer sales in the U.S. increased by 8% year over year to reach $111.4 billion. Craft beer accounted for roughly 23.3% of revenue and 12.7% of the beer sales volume.iv  A majority of growth came from microbreweries and brewpubs, with microbreweries accounting for nearly 60% of the craft beer industry’s total growth in volume.v  In 2016, brewpubs saw 14.8% year-over-year growth to reach 1.35 million barrels sold while microbreweries saw a 27% year-over-year growth to reach 5 million barrels sold. The average price per case also increased by 2.9% from $36.18 in 2015 to $37.20 in 2016.vi  The number of craft breweries has more than tripled between 2006 and 2016, from 1,409 breweries to 5,234.vii

Within Texas, the craft brewery market is among the U.S. leaders. According to the Brewer’s Association, Texas produces around 1.17 million barrels of craft beer per year, ranking the state seventh among U.S. states in 2016.viii The number of craft breweries in Texas has surpassed 200, and they collectively contribute around $4.5 billion towards the Texas economy.ix  In 2016, Central Texas breweries produced more than 185,000 barrels, accounting for almost 16% of state production levels.x  As of 2015, Texans bought 9.5% of all beer sold in the U.S. ─ nearly almost 20 million barrels ─ making it the second-largest U.S. market after California.xi

Distilled spirits gained market share relative to beer for the eighth consecutive year in 2017. In 2017, suppliers reported that distilled spirits sales rose by 4% year over year, with total sales worth $26.2 billion. Total volume rose 2.6% to 226 million cases, up 5.8 million cases from the prior year. Furthermore, the distilled spirits market has been primarily driven by growth in high-end premium and super premium products – bottles that retail for at least $20.xii

Local distilleries have contributed to the overall growth in the distilled spirits market. In 2016, the craft spirits industry generated roughly $3 billion in retail sales, up 25% year over year. Overall volume reached nearly 6 million cases in 2016, up 18.5% from 2015. There were 1,589 active craft distillers in the U.S. as of August 2017, up 20.8% over the prior 12 months.xiii The largest concentrations of distilleries were primarily in the West (mostly in California, Washington, and Colorado) and in the South (mostly in Texas). Investments in craft distillery expansion have also increased notably. As of August 2017, total year-to-date investments reached $593 million for craft distillery expansions, up 49% from the $398 million invested for all of 2016.xiv


Competitors

Treaty Oak Distilling: Founded in 2006, Treaty Oak Distilling is a craft brewery and distillery in Dripping Springs, Texas. Its 28-acre ranch contains a distillery as well as a tasting room, gift shop, and the Ghost Hill Restaurant, which includes a full bar and kitchen. Currently, the company has five different spirits, which have won various awards, and three beers along with an experimental collection of hand-selected barrels of whiskey available for purchase.xv

Ranger Creek Brewing and Distilling: Founded in 2010 in San Antonio, Texas, Ranger Creek makes various beers and whiskeys. It also has a tasting room and a gift shop in addition to being open for private events and tours. Currently, the company has four different beers and five different year-round whiskeys along with a selection of special releases.xvi These are available in retailers and bars across Texas.xvii    

Black Star Co-Op: Founded in 2006, Black Star Co-Op is a cooperatively owned brewpub in Austin, Texas. In September 2010, Black Star raised around $500,000 from its Member-Owners. Currently there are over 3,000 Member-Owners.xvii  Its beer selection includes a portfolio of over 55 recipes that are brewed seasonally.xix Being a brewpub, Black Star also serves food to accompany its beer throughout most of the day.

Lazarus Brewing Company: Started in 2010 with its All Souls Ale, the Lazarus Brewing Company is a brewery in Austin, Texas. In addition to beer, it also serves wine and has an espresso bar and a kitchen with a focus on Tex-Mex fare. While it does not distribute beers, its location has more than 16 taps on site.xx

North by Northwest Restaurant and Brewery: North by Northwest is a restaurant and brewery with two locations in Austin, Texas. North by Northwest offers a large menu of craft beer, cocktails, wine, food, and desserts. In addition to the alcohol and food served, North by Northwest also offers a beer school where customers can take classes on the brewing process.xxi


Team

Bob Leggett, Managing Partner: Bob Leggett, a lifelong Austinite, has been active in the beer industry for more than 40 years. His accomplishments include investing in “Shiner of Austin,” one of the first Shiner Bock distributors in 1977, and being one of the first to distribute Modelo, Dos Equis, and Corona in the U.S.

Over the years, Bob established other distributorships across Texas and the United States. He was one of the first to import Belgium beers such as Duvel and Chimay into the U.S. Bob pursued the early pioneers of the American craft beer industry and was one of the first to distribute Sierra Nevada outside of California in 1982. In 2001, he founded Artisanal Imports, which has become one of the largest importers of Belgium beers in the U.S.

In June 2017, Bob became the managing partner and owner of Uncle Billy’s. As a successful entrepreneur and a beer industry veteran, Bob is uniquely qualified to lead continued growth and the transition of Uncle Billy’s from a brewpub to a production brewery. Uncle Billy’s beers are now brewed at the new state-of-the-art facility at Celis Brewery for expanded distribution throughout the region and eventually across the U.S. He is committed to continue to produce Uncle Billy’s year-round beers, specialty brews, and seasonals at the original Barton Springs Road location. Bob holds a Bachelor of Arts degree in Business from St. Edward’s University.


James Jackson Leach, VP Marketing and Business Development: James is a serial entrepreneur responsible for several startups in the tech industry, film industry, and restaurant sector. He founded CopyRightNow, a patented mobile algorithm allowing content creators to file their work to the Library of Congress via mobile applications. James also Executive Produced “Dirty Weekend” starring Matthew Broderick and Alice Eve. The film premiered at The Tribeca Film Festival and was purchased and distributed by Entertainment One.

In addition to his work as a film producer, James is co-founder of Lucky’s Pizzeria, an Austin favorite for Italian cuisine operating at two locations. He is also the co-founder of Mort Subite, a Belgian beer bar located in downtown Austin, and the Longhorn Meat Market, a family-owned butcher shop that has been in operation since 1970.


Matt McGinnis, Chief Marketing Strategist: With more than 25 years of global marketing experience in both corporate and agency roles, Matt has a deep understanding of how persuasive narratives can have a positive business impact by inspiring people to take action. He leads a team of seasoned PR, advertising, graphic design, and web design professionals that provide a combination of integrated marketing services. He brings deep insight and credible industry knowledge to food and beverage clients as a Certified Sommelier, award-winning food and beverage freelance writer for several publications, frequent speaker, and as a judge of beverage and culinary competitions. Previously, Matt achieved marketing results for world-leading consumer and technology brands in the U.S. and Europe as an Executive Vice President and Managing Director for Cohn & Wolfe and a Marketing Director for Dell. He holds a Bachelor of Arts degree from Wittenberg University.


Cory Miers, Director of Operations: Cory has over 25 years of experience in upper restaurant management roles including Executive Chef, Opening Unit Director, Area Director, Consultant for multi­unit brand restaurants, and Broker for 15 major food manufacturing companies. Cory has been overseeing operations of Uncle Billy’s Brewery & Smokehouse since August 2011.





Chris Prosperi, General Manager: Chris has been living and working in Austin, Texas, since 2002 and has made a career in the service industry, having fulfilled the roles of server, bartender, and finally finding his place in management. Previously, Chris had been the General Manager of another local bar in Austin as well as for a corporate catering company and a recruiting company. A 20-year veteran of the food and beverage industry, Chris is a team player, a hard worker, and exceptionally driven.





Stephen Wagner, Head Brewer: Stephen has served as the head brewer at Uncle Billy’s Brewery since November 2017. He transitioned into that role after previously fulfilling the General Manager position. In that role, he gained a deep understanding of the operations and customers’ preferences for various beer styles and trends. Stephen has been a serious home brewer since 2005. Over the years, he has competed in two home brew competitions and toured dozens of breweries across the U.S. to further pursue his interest in brewing. Stephen further honed his brewing expertise working in various management positions at beer-centric locations such as Copper Creek Brewing Company (Athens, Georgia), Stubbies & Steins (Gainesville, Florida), and Flying Saucer (Houston and Sugar Land, Texas). He became a Certified Cicerone in 2013. Stephen enjoys brewing classic beer styles and exploring his creativity with special beers that currently occupy several taps in the brewpub.



Mark Shilling, Director of Distilled Spirits: Mark is the managing principal of Shilling/Crafted, specializing in distillery startup operations, product development, and project management. After spending 20 years as a government and regulatory affairs professional (a.k.a. lobbyist), Mark founded Revolution Spirits Distilling Company in 2013, quickly establishing the distillery as a favorite stop along the Central Texas beer, wine, and spirits trail.

As a tireless advocate for the industry, Mark helped establish the Texas Distilled Spirits Association in 2012, has been a frequent speaker at the American Distilling Institute, and served as president of The Wine and Food Foundation of Texas from 2013 to 2015. Mark currently serves as president of the American Craft Spirits Association, a not-for-profit organization for craft distillers run by craft distillers.



Kyle Smith, Controller: Kyle has over 10 years of finance and accounting experience in the bar, brewery, and restaurant industries. He has a degree in Finance from the McCombs Business School at the University of Texas and has worked with the Uncle Billy’s team for over six years. As Controller, he is responsible for all areas of accounting and has helped develop the financial reporting tools and ERP inventory management systems for Uncle Billy's. 





Tennessee Scanio, Director of HR and Project Management: Tennessee has over 10 years of business management experience in the restaurant industry. Her experience includes project management, human resource management, licensing and administration, commercial property management, and office management as well as over seven years in commercial real estate working in the multi-housing and industrial sector. Tennessee has been with the Uncle Billy’s team for nine years, has a Business Administration Degree in Business Management, and is a U.S. Navy Veteran


Terms

Security Type: Promissory Notes (Revenue Sharing Interests)

Round Size: Min: $50,000; Max: $1,070,000

Interest Rate: Revenue sharing agreement which provides the investors 10% of the Company’s gross revenue, up to the repayment amount of 1.5x of their investment

Length of Term: Until the repayment amount of 1.5x investment is repaid

Conversion Provisions: None

Endnotes

i https://www.greatamericanbeerfestival.com/2012-winners/

ii https://www.worldbeercup.org/winners/award-winners/

iii https://www.grandviewresearch.com/press-release/global-craft-beer-market

iv https://www.brewersassociation.org/statistics/national-beer-sales-production-data/

v https://www.brewersassociation.org/insights/analyzing-2017-craft-brewery-growth/

vi https://www.brewersassociation.org/wp-content/uploads/2017/04/CBC17_State-of-the-Industry.pdf

vii https://www.forbes.com/sites/bisnow/2017/06/21/crafty-landlords-what-owners-need-to-know-before-leasing-to-beer-brewers/#79b8bab47dc7

viii https://www.brewersassociation.org/statistics/by-state/?state=TX

ix https://www.cnbc.com/2017/11/24/austin-is-a-craft-beer-powerhouse-heres-whats-on-tap-for-brew-lovers.html

x https://f.tlcollect.com/fr2/417/46149/Austin_Craft_Beer_Marketflash.pdf

xi http://allaboutbeer.com/article/eyes-on-texas/

xii http://www.discus.org/distilled-spirits-council-reports-record-spirits-sales/?CategoryId=2 

xiii http://www.americancraftspirits.org/2017/10/24/craft-spirits-producers-sold-nearly-6-million-cases-last-year-alone/  

xiv http://www.americancraftspirits.org/wp-content/uploads/2017/10/2017-Craft-Spirits-Data-Project.pdf  

xv https://www.treatyoakdistilling.com/beers-spirits

xvi https://drinkrangercreek.com/whiskey/

xvii https://drinkrangercreek.com/san-antonio-brewery/

xviii https://blackstar.coop/cooperate/

xix https://blackstar.coop/drink/

xx http://www.lazarusbrewing.com/faq/

xxi http://www.nxnwbrew.com/index.htm

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