Spanish brewing giant Mahou San Miguel has bought a 30% stake in US craft beer brand Avery Brewery.
The investment comes as part of San Miguel’s internationalisation strategy and hopes to promote the growth of Avery’s presence both in the US and overseas.
The announcement marks the second US investment for Mahou San Miguel, which previously acquired a 30% stake in Michigan’s Founders Brewing company in 2014
In an exclusive interview with Business Review Europe, Erik d’Auchamp, International Managing Director commented on the investment.
“They have been working on some fantastic products and brands in a market which has seen slower growth in the past few quarters,” he said.
“We haven’t felt [a threat by craft brewers] at all,” d’Auchamp adds. “It is presenting tremendous opportunities which we have proven by meeting the fantastic team at Founders. It is inspiring innovation.”
Based in Colorado, Avery Brewing has a presence in 33 US states and offers a range of beverages including El Gosery, Avery IPA, Maharaja and White Rascal.
It’s decision to also sell more than a 25% stake to a “non-craft” entity may mean that Avery could lose its “craft status” as outlined by the Brewers Association.
The Avery acquisition comes three years after the brewer build a new US$27mn brewery in Boulder, Colorado, which will allow the company to expand its long-term production.
Avery Brewing founder Adam Avery said: “Dad and I decided two years ago that in order to fulfil our vision of the new brewery and all of Avery Brewing’s potential, it made a lot of sense to seek a partner.
“At that time, we established our criteria for our perfect partner: minority investor, privately-held and family-owned entity, long-term investment, strategic advantages, and good people with shared values.
“Mahou San Miguel emphatically checked all of those boxes for us and is our ideal partner for continued growth, remaining faithful to our beers and our culture. It is with great satisfaction that we stand side by side such a respected family company with a dedicated focus on brewing and the future.”
CEO of Mahou San Miguel, Eduardo Petrossi, added: “This new alliance, between two family companies, has been possible thanks to the passion we share for beer and tradition and that we have similar values.
“This operation strengthens us as the driving Spanish brewer behind the craft sector and will reinforce our positioning in the US.”