Heineken snaps up minority stake in British craft brewer Beavertown
Heineken has bought a minority stake in London craft brewer Beavertown, which will give it the £40mn ($53mn) it needs to build a state-of-the-art brewery and visitor experience.
It is a latest in a string of craft beer acquisitions by the world’s second-largest brewery, following investments in London’s Brixton Brewery and California's Lagunitas.
“We love what they’re doing and are excited to be able to help them do more,” Heineken said in a statement to Reuters. “Our minority investment means they can make their dream of Beaverworld a reality.”
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The maker of craft beers such as Gamma Ray and Neck Oil, said that it plans to build a facility called Beaverworld which will have 10 times the capacity of its current site.
Named Beaverworld, the 450,000-hectolitre facility will help the company meet growing demand for their brews and will allow them to increase distribution. It is also expected to create around 150 jobs.
The British craft brewer didn’t disclose the financial sum of the agreement of the percentage of the company Heineken now controls.
In a blog post on Beavertown’s website, the firm said: “It’s been an uncomfortable few weeks as speculative rumours have been flying about,” read a blog post on the company’s website.
“After talking to many parties, we can announce that the minority partner we have chosen to work with to make our vision for Beaverworld a reality is Heineken.”
The brewery's founder, Logan Plant, will remain as the company’s CEO and owner.
Speaking of the deal, he added: “The relationships with our accounts, distributors, suppliers and brewing family and friends stays exactly the same. Who we work with and how we work with them stays exactly the same.”