Founders recently embarked on a $30 million expansion project that will enable the company to eventually brew upwards of 900,000 barrels. The company expects to brew more than 200,000 barrels this year and was ranked by the Brewers Association as the 26th largest U.S. craft brewery in 2013.
Founders has rapidly grown its production since 2008, when it brewed just 12,000 barrels.
A full press release with more details is below. Official story to follow.
GRAND RAPIDS, MI – Founders Brewing Co. has announced a partnership with Mahou San Miguel, who is coming on as a minority investor with 30% ownership in the brewery.
The partnership will help Founders grow through Mahou’s international distribution network to access the emerging craft beer community around the world. Founders and Mahou are focused on long-term strategic growth, with a commitment to brand longevity and product quality.
“Founders will remain Founders,” with continuity in their recipes, processes, facility and staff. We knew that taking on a partner was the necessary, responsible thing to do for the future of Founders because it would open up new doors for growth as well as ensure our legacy for years to come,” said CEO and Co-Founder Mike Stevens. “We spent a long time determining who would be the best partner to help us grow Founders while staying true to our beers and our culture. Mahou shares our family values and a commitment to their communities; they also believe in the importance of long-term partnerships. We are honored to be working with a brewer that commands so much respect.”
“Our investment in Founders is a great source of learning, innovation and transformation for Mahou San Miguel to get directly involved in the U.S. craft market,” said Javier López del Hierro, President of Mahou San Miguel. “It’s the most valuable beer market worldwide, a market that sets consumer trends, with excellent prospects for growth. Founders combines product excellence with a level of business acumen that stands out in the craft beer segment.”
Robert W. Baird & Co. is serving as exclusive financial advisor to Founders Brewing Co. in the transaction. Greenberg Traurig is acting as the company’s legal advisor. The deal is expected to close in January 2015.
About Founders Brewing Co.
Established in 1997 by two craft beer enthusiasts—Dave Engbers and Mike Stevens—with day jobs and a dream, Founders Brewing Co. brews complex, in-your-face ales, with huge aromatics and tons of flavor. Founders ranks among the top 30 largest craft breweries in the U.S. and is one of the fastest growing. The brewery has received numerous awards from the World Beer Cup and the Great American Beer Festival, and RateBeer and BeerAdvocate users often rate its beers among the best in the world. Located in downtown Grand Rapids, Michigan, Founders is a proud member of the Michigan Brewers Guild. For more information, visit www.foundersbrewing.com.
About Mahou San Miguel:
100% family-owned, Mahou San Miguel has been Spain’s leading brewing company for 125 years. The company has eight brewing centers, seven in Spain and one in India, as well as two water springs and associated packaging plants, managed by a team of more than 2,500 professionals. Founded in Madrid in 1890, Mahou purchased San Miguel Brewery in 2000, followed by the incorporation of Canary Islands brand Reina in 2004 and Cervezas Alhambra in 2007. It also diversified its business with the acquisition of Solán de Cabras, a natural mineral water, in 2011. The company’s extensive national beer portfolio includes category leaders such as Mahou Cinco Estrellas, San Miguel Especial, Alhambra Reserva 1925 and San Miguel ECO, Spain’s first organic beer. The brewery also distributes a wide range of quality international beers in Spain as a result of agreements with partners such as Carlsberg and Warsteiner. Mahou San Miguel recently announced plans to develop the Mahou Beer Museum in Madrid’s historic city center to celebrate the family’s longstanding ties to Spain’s brewing culture. For more information, visit www.mahou-sanmiguel.com.