2007-08-27

Beer Queen Puts Charity Ahead of Politics

August 10, 2007 Andrew Dreschel The Hamilton Spectator

Despite being thirstily courted as a candidate, beer millionaire Teresa Cascioli has chosen philanthropy over politics.

Cascioli, who personally made about $43 million when Hamilton-based Lakeport Brewing was sold to Labatt last winter, says she has been approached by the big three federal and provincial parties, but most aggressively by the McGuinty Liberals.

Cascioli isn't ruling out running in the future, but not now. The former City of Hamilton bureaucrat who grew Lakeport into Ontario's third largest brewer, is busy focusing on "giving back to Hamilton" by launching her own charity this fall.

She plans to formally announce the Teresa Cascioli Charitable Foundation and name the first recipient of a donation by the end of next month.

Cascioli, 45, says she's been doing due diligence with organizations she intends to support in order to make sure the dollars go directly to a good cause.

"I think I've pretty much finalized my list but I'm going to continue to work through the summer," she says.

"My foundation is primarily giving back to the Hamilton community and specifics around hospitals, education, anything to do with kids -- that kind of stuff."

"I think that Hamilton being the beneficiary is only right because that's where I was born, that's where I was educated, that's where my family lives and that's where everything that happened to me came to be."

Besides her philanthropic plans, she's also working as an adviser with Labatt, introducing some of Lakeport's cost-conscious strengths into their corporate culture.

Cascioli's pioneering buck-a-beer strategy made Lakeport a force to be reckoned with in the beer market. So it's only natural her street-smarts and track record for getting things done has political parties salivating over the prospect of enticing her aboard. And even though the answer is no, apparently her name has been field-tested with voters.

There are at least two recent reports of telephone surveys in which Cascioli was floated as a Liberal candidate, possibly against New Democrat MPP Andrea Horwath in Hamilton Centre.

Cascioli says none of the parties were specific about which riding they wanted her to run in.

"It was more a discussion about what I could bring to the table," she says.

No question it would have been a big combo platter. Cascioli would be a huge catch, particularly for the McGuinty Liberals, whose grip on this city is threatened by riding redistribution and the retirement of three MPPs -- all women.

Besides the glamour of success, Cascioli has push and drive, bark and bite. She knows all about team building and high finance. And she's seen politics at close-quarters, albeit municipally.

She began working for the city as a summer student while paying her way through McMaster University. After graduation, she came on full time and later shifted to regional government.

During her 12 years in the public sector, she held various treasury roles, wrapping up her career as manager of finance for the city.

In 1999, she joined forces with businessman Allen Fracassi to pull struggling Lakeport out of bankruptcy protection and then became its CEO.

In 2004, Cascioli bought Fracassi's majority shares, giving her control of the brewery. The next year, she took the company public in a deal that snared her about $28 million. Then came Labatt's $201-million takeover and the $43 million they paid for her stake in the brewery.

The only flat note in her hot run is Cascioli is being sued for $50 million by Fracassi for allegedly taking advantage of confidential information that affected the value of the shares she bought from him. The allegations have not been proven in court.

If Cascioli ever does take the plunge into politics, it clearly won't be for the money. Making a mark, however, is a different story. That seems to be an important theme for her. Having influence. Making an impact.

If Cascioli has a mantra, it would probably go like this -- homework; work hard; execute. And it would apply equally to business, philanthropy or politics.

Andrew Dreschel's commentary appears Monday, Wednesday and Friday.

adreschel@thespec.com 905-526-3495
Used with permission from The Hamilton Spectator, www.thespec.com Copyright The Hamilton Spectator. All rights reserved.