Charasmatic beer pitchman Frank D'Angelo has sold majority interest his brewery and juice business to his business partner, Barry Sherman.This story has a racing angle because Steelback is the title sponsor of Toronto's Champ Car race and is currently running ads about its backing of Targa Newfoundland.
Upon taking control, Sherman promptly installed his young son (23 or 24 years old, depending on whether you believe the Nat'l Post or the Toronto Star) as CEO.
The National Post's story appears here. Toronto Star Business Columnist Jennifer Wells speculates in her column that under D'Angelo, the company had become "a vast, over-leveraged, money-losing mess." and that the decision for D'Angelo to step aside came as a result of his partner running out of patience, causing him to "pull the trigger."
No word on whether young Jonathon Sherman is a racing fan. I guess we'll find out.
