Belgium-based brewing company Anheuser-Busch has agreed to acquire Colorado-based Breckenridge Brewery, to expand its craft beer portfolio.
Upon completion of the acquisition process, Breckenridge Brewery will become the seventh craft brewery to join the portfolio of Anheuser-Busch's The High End business unit of craft and import brands.
The High End's craft beer portfolio consists of other craft breweries such as Goose Island Beer Company, Blue Point Beer Company, 10 Barrel Brewing, Elysian Brewing Company, Golden Road Brewing and the recently acquired Four Peaks Brewing Company.
Breckenridge Brewery, which has its presence across 35 states, is expecting to sell around 70,000 beer barrels in 2015.
Following the acquisition, the brewery will continue to produce its portfolio of beers including Vanilla Porter, Agave Wheat, and its other core brands, barrel-aged beers and seasonal specials.
The High End craft CEO Andy Goeler said: "Breckenridge Brewery has a long history of innovation and they continue to brew new and exciting beers, from their specialty brews like the Mountain Series that celebrates the brewery's origin as a ski town brewpub, to their planned nitro can series.
"They are innovative and have built an amazing business that's enabled them to get their great beers to fans across the country. We look forward to even more growth together."
The acquisition agreement also includes Breckenridge Brewery's new production facility, Farm House restaurant in Littleton, the original brewpub and current innovation center in Breckenridge.
Breckenridge Brewery's current management group Breckenridge-Wynkoop will continue to own and operate the rest of the businesses including Ale House at Amato's in Denver; Breckenridge Ale House in Grand Junction; Breckenridge Colorado Craft in Denver; The Cherry Cricket in Denver; Mainline in Fort Collins; Phantom Canyon Brewing Co. in Colorado Springs; and Wynkoop Brewing Company in Denver.
The takeover is expected to be completed in the first quarter of 2016 after certain customary closing conditions are satisfied. The terms of the transaction have not been disclosed.
For the transaction, Breckenridge Brewery's financial advisor was First Beverage Group and legal counseling was provided by Brownstein Hyatt Farber Schreck.
Recently, Anheuser-Busch initiated the acquisition of Arizona-based craft brewer Four Peaks Brewing Company, in an effort to expand its portfolio of craft breweries.
