M&A Update | Craft Beverage 2017

Table 2: M&A activity without reported transaction value or multiple data – U.S. based breweries

Transaction Date

Transaction Overview

Target Company

Acquiring Company

Seaboard Craft Beer Holdings LLC acquired all the assets of Cape Coral Brewing Co. on December 7, 2017. As part of the transaction, Seaboard will rebrand the former Cape Coral location as a Big Storm taproom and brewing facility. Epic Brewing Company, LLC acquired Telegraph Brewing Co., Inc. on December 6, 2017. Telegraph Brewing will remain an independent craft brewery. Catawba Brewing Co. agreed to acquire the assets of Palmetto Brewing Company from Lipov family on November 13, 2017. Under the terms of the transaction, two companies will be joined into a single entity, but Palmetto will retain the same name.

Seaboard Craft Beer Holdings LLC

All Assets of Cape Coral Brewing Co. Telegraph Brewing Co., Inc.

12/07/17

Epic Brewing Company, LLC

12/06/17

Palmetto Brewing Company

11/13/17

Catawba Brewing Co.

Massachusetts Bay Brewing Company, Inc.

10/30/17

Clown Shoes Beer

Massachusetts Bay Brewing Company, Inc. acquired Clown Shoes Beer from Gregg Berman on October 30, 2017.

Good People Brewing Co. acquired the assets of Avondale Brewing Co. from Avondale Holdings Limited on October 16, 2017. Good People plans to keep the name and location of Avondale Brewing brewery unchanged, and all events and performances already scheduled will take place. Guests and fans will continue to see the same faces they've seen at Avondale Brewing over the years. The leadership team will not be overseeing management of any of Avondale's previously affiliated restaurants.

Avondale Brewing Company

Good People Brewing Comoany, LLC

10/16/17

South Bend Brew Werks LLC

Steve Lowe and Michele Lowe agreed to acquire South Bend Brew Werks from Drew Elegante on October 1, 2017.

-

10/01/17

Constellation Brands, Inc. (NYSE:STZ, STZ.B) acquired Funky Buddha Brewery from the Sentz family on August 9, 2017. Funky Buddha will form part of Constellation's Craft & Specialty Beer Group in the beer division. Constellation Brands and Funky Buddha Brewery's team of employees will continue to work together following the acquisition, with founder Ryan Sentz and his brother KC Sentz running the day-to-day operations.

Funky Buddha Brewery LLC

Constellation Brands, Inc. (NYSE:STZ)

08/10/17

New Belgium Brewing Company, Inc.; BVBA Oud Beersel

Magnolia Brewing Co, Inc.

New Belgium Brewing Company, Inc., BVBA Oud Beersel, and Dick Cantwell signed a definitive agreement to acquire Magnolia Brewing Co. assets out of bankruptcy for $2.7 million.

08/10/17

Cold Spring Brewing Company Monkey Paw Brewing Company

Brynwood Partners VII L.P. managed by Brynwood Partners acquired Cold Spring Brewing Company from Lenore family on August 3, 2017. Coronado Brewing Company, Inc. agreed to acquire a majority stake in Monkey Paw Brewing Company from Scot Blair on July 18, 2017. Coronado Brewing Company, Inc. will use cash flow from its production brewery and brewpub operations to finance the transaction.

08/03/17

Brynwood Partners

Coronado Brewing Company, Inc.

07/18/17

Molson Coors Brewing Company (NYSE:TAP)

07/15/17

Birradamare S.r.l.

Molson Coors Brewing Company (NYSE:TAP) acquired Birradamare S.r.l. on July 14, 2017.

06/16/17

Tin Man Brewing, LLC

Neace Ventures acquired Tin Man Brewing, LLC from Davidson family on June 16, 2017.

Neace Ventures

Paul Casey and Sarah Casey acquired Benefit Brewing, Inc. from Andrew Dahm on June 1, 2017. After the acquisition, Andrew Dahm will continue at Benefit Brewing and the management team of Benefit Brewing will also be retained. - Bigalora Wood Fired Cucina acquired North American operations from Arbor Brewing Company on May 11, 2017. Under the transaction, Bigalora Wood Fired Cucina will acquire Arbor Brewing's brewpub in Ann Arbor and Arbor's Corner Brewery and brewhouse in Ypsilanti. Cestra Butner acquired assets of Speakeasy Ales & Lagers Inc. from Forest Gray on May 8, 2017. The sale did not include Speakeasy’s previous debt liability. Sam Cappione is appointed as Vice President and general manager of Speakeasy Ales. - HEINEKEN USA Incorporated acquired the remaining 50% stake in Lagunitas Brewing Company on May 4, 2017. HEINIKEN USA orignally purchased 50% of Lagunitas Brewing Company on September 8, 2015. Lagunitas Brewing Company will continue to operate as an independent entity within HEINEKEN and will report within the HEINEKEN Americas Region. Anheuser-Busch Companies, LLC signed an agreement to acquire Wicked Weed Brewing LLC from Walt Dickinson and his brother, Luke Dickinson along with Ryan Guthy, and his parents, Richard A. Guthy and Denise A. Guthy on May 3, 2017. As of May 22, 2017, FTC granted early termination for the transaction. Walt Dickinson, Luke Dickinson, Ryan Guthy, Rick Guthy, Denise Guthy and the entire team of Wicked Weed Brewing will join Anheuser-Busch Companies. The transaction is subject to regulatory approval.

06/02/17

Benefit Brewing, Inc.

Arbor Brewing Company, North American operations Speakeasy Ales & Lagers Inc.

Bigalora Wood Fired Cucina

05/11/17

05/08/17

The Lagunitas Brewing Company

HEINEKEN USA Incorporated

05/04/17

Wicked Weed Brewing LLC

Anheuser-Busch Companies, LLC

05/03/17

05/01/17

Rolling Boil, LLC

John and Judy Jordan acquired Pug Ryan's Brewing Co. from Travis Holton and his wife Annie on May 1, 2017.

-

Seaboard Craft Beer Holdings acquired Fat Point Brewing on April 25, 2017. Fat Point Brewing will continue to operate independently as it concerns the taproom and local brewing operations. Fat Point will retain its local canning operation, but that will be used mainly for small-batch and limited-run brews.

Seaboard Craft Beer Holdings LLC

04/25/17

Fat Point Brewing LLC

03/02/17

Boxing Cat Brewery

ZX Ventures LLC acquired a stake in Boxing Cat Brewery on February 27, 2017.

ZX Ventures LLC Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

Karbach Brewing Company

01/13/17

Karbach Brewing Company was considered the fastest-growing craft brewery in Texas at the time of the acquisition.

Sources: Capital IQ and public news sources (February 27, 2018)

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