Saint Archer Brewing Company

What feels like the worst kept secret in craft beer industry circles was finally revealed yesterday, as MillerCoors announced it would acquire a majority stake in fast growing San Diego craft brewery, Saint Archer Brewing. Financial terms were not disclosed, but a recent Wall Street Journal valuation estimate, which pegged craft brewery multiples at $1,000 per barrel, could mean Saint Archer fetched as much as $35 million

Another California-based craft brewer has sold. Tenth and Blake, the craft and import division of MillerCoors, today announced it would acquire a majority interest in San Diego’s Saint Archer Brewing Company. The transaction is expected to close in October 2015. Financial terms were not disclosed. Saint Archer launched in 2013 and has grown rapidly in its short few years in business. It expects to sell 35,000 barrels of beer in 2015.

Last month, a pair of craft-friendly bills in North Carolina that would have dramatically raised the self-distribution cap and legalized contract brewing in the state failed to make it out of committee. However, Creative Loafing Charlotte reports some of the less contentious language from one of those bills has reemerged as part of a broader alcohol regulation initiative that has been making headway.