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Bravazzi Italian Hard Soda portfolio emerged as Nations Brewing's clear lead horse as it continues to buck FMB and broader industry trends. It's still relatively small, but on track to reach 100K cases all-channel in 2025, co-founder Josh Buckley shared with CBN following news of fast-paced growth in key mkts and next round of expansion plans (see Sep 3 issue). That's larger than it ever got under Constellation part-ownership (75K cases), before slipping to just ~30K cases in the aftermath of that unraveling. So Nations Brewing more than tripled Bravazzi's volume in the last couple yrs and still sees runway ahead, getting to this point with a total revamp of how it goes to mkt, selling majority of volume on premise via draft. While the craft/indie beer side of biz is far more challenging, Josh openly acknowledged, Nations Brewing portfolio remains formidable in TN home base with Fat Bottom, Music City Light and WanderLinger brands alongside Bravazzi. Co's also still actively contract producing all kinds of bevs including canned coffee, other non-alc bevs, beers, hard seltzers, FMBs and blends (spirits license has been "more challenging to get"). On that side of the biz, Josh talked up partnership with Happy Homie Coffee, which donates 2% of all sales to mental health orgs, gaining some ground. And on the M&A side, there's "plenty of stuff out here," especially locally. But it's "very situational" and gotta be "really careful what you're taking on," said Josh. Any acquired portfolios would likely have to be "trimmed" down to few top brands that complement Nations Brewing and/or have "unique footprints." But "you gotta diversify" these days, he stressed.55% of Bravazzi Sold On Prem w/ 500-600 Taps Across 14-15 States; Building in Off-Prem Chains Interestingly, Bravazzi is still probably 55% on premise vs 45% off premise, Josh told CBN. Nationally, Bravazzi is up to 500-600 tap handles total. It's lookin' to push mixology angle as another leg of potential on-prem growth heading into 2026. The reception to draft in certain mkts continues to amaze Josh and co, including in FL, where it's been "one of the easiest states" to "convince" folks of the proposition. That mkt didn't come online until this summer and still expected to add 3-4K cases this yr. So Nations expects a big uptick there in 2026, and could reach 15-20K cases "pretty quickly," said Josh.Channel mix will likely shift as co expands in chains, expecting to pick up a bunch of wins heading into fall and spring sets. Even in home mkt TN, Bravazzi has just 11% weighted distribution, Josh shared to underscore the oppy off-prem. TN sales are still growin' 20-30% this yr, he added. In OH, Bravazzi switched to Cavalier (its distrib in FL too) as it re-entered the mkt, sent out its first shipment in Aug, so Nations has been working to get into more Kroger stores, among others, there. And in western PA, Galli Beer Distributing, primarily a Pabst, craft and imports distrib, reached out organically to pitch for the brand to enter its mkt, and suddenly Bravazzi is in 60 Giant Eagle stores thru them.Josh shouted out Alabama and Colorado as two other strong growth mkts where distribs "really just leaned into the product." AL quickly rose from 1,200 cases in its first yr to 15K cases this yr and its yet to expand statewide there. "The energy's real" on Bravazzi, up to 14-15 states currently, and looking to stay put for now, with the potential exception of a Galli situation where "we would entertain" expansion if folks sought after the brand.Retailers Driving Prices Up Too Much, Sez Josh Music City Light is Nations' local lager brand, positioned at superpremium price point ($33/case in scans). But Josh and co see Music City Light sold for $8-10 per pint on premise, when it should be more like $5 in his view. Nations sells it for $133 per half bbl, so "it's not us that makes it that way," he contended. There's a reason previous generations drank more beer, and if retailers keep raising prices, that's gonna cause more customers to look elsewhere, he thought, concluding: "that's really hurting beer."Growing as FMB Segment Takes a Backward Step There are a few key reasons Bravazzi's been able to grow at a time when FMB segment is declining, Josh pointed out. One is "full flavor" with "natural coloring." Another is its "unique" branding and flavors as an Italian-style hard soda. "The draft component is working really well," he added, noting it was "the right product at the right time with draft." Josh vowed to "keep playing around" and "looking at different opportunities" in FMB space thru Bravazzi and beyond. Bravazzi's Limonata flavor is viewed as a sleeper and co's adding 6pks back to the mix along with draft for that. Nations wants to explore "other Italian-inspired things" and other "fuller-flavor" products too. And following the "soda story," Bravazzi wants to explore a lower-calorie extension akin to Corona Premier. Tho they're far from the first to explore these routes in FMB and beyond, the playbook is working right now, building steadily off a small base.

Nations' Bravazzi On Track for 100K CEs in 2025; New Mkts Coming On; Managing Craft Challenges; Still Open to M&A Oppys

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