USA – Spanish brewery Mahou-San Miguel Group has increased its stake in Michigan-based craft beer maker Founders Brewing to 90%.
Mahoau already controlled a 30% stake in the fast-growing craft brewery following transaction in 2014 when the Madrid headquartered brewer invested US$96 million in the All Day IPA and Breakfast Stout brands owner.
Following the latest transaction, Mike Stevens and Dave Engbers, pioneers of the Founders Brewing, will remain as shareholders and continue to lead its management team. The deal is expected to close in January 2020.
The deal is expected to enable Founder Brewing withstand industry headwinds such as slower growth, while also helping the company expand its portfolio for a new generation of beer consumers.
Mike Stevens, Founders president and co-founder said : “We are fortunate to have a partner with whom we can exchange brewing knowledge and business strategy, who also reflects our values as a company.
“We built Founders with legacy in mind and, by partnering with Mahou, a family-owned, 129-year-old brewer, we will set the course together for future generations to come.”
Founders will remain autonomous in managing its business, products and teams with Engbers and Stevens each retaining 5% shareholding in the company.
Alberto Rodríguez-Toquero, managing director of Mahou Group said that Founders is the company’s “best possible partner whose authenticity, values and extraordinary beers” will enable the company to expand its footprint in the craft beer market.
“With this new agreement, we are consolidating our position as the most advanced Spanish brewer in promoting the craft world and strengthening our commitment to becoming global in this segment,” Alberto added.
“In addition to supporting the growth of Founders in the US, we are also developing new distribution to grow our core brands such as Mahou, Alhambra and Solán de Cabras, as the US is a key market in our international strategy.”
According to figures from the Brewers Association, Founders is the 14th-largest craft brewery in the US by volume, reports FoodBev. It produced 563,179 barrels of beer in 2018.
Founders Brewing products are present in all US states and in more than 30 international markets, with significant focus in Italy, Scandinavia, the UK and Spain.