Mahou San Miguel, Founders Brewing Partner to Take Majority Control of Avery Brewing

Mahou San Miguel is upping its stake in Colorado’s Avery Brewing, and the Spanish beer company has teamed up with its other U.S. craft brewery partner, Michigan’s Founders Brewing, on the new investment.

Announced today, Mahou, along with Founders, will purchase a 40 percent stake in Avery Brewing for an undisclosed sum.

The newly acquired stake will be combined with Mahou’s original 30 percent minority interest in Avery that was purchased in early 2018.

The deal, which was negotiated over “the last few months,” gives Mahou and Founders a 70 percent controlling interest in the Colorado craft brewery.

Brewery founder Adam Avery and his father, Larry, will own the remaining 30 percent of the business, but executives from Mahou will now play a bigger role in the “day-to-day” decision making, Adam Avery told Brewbound.

“We can use all the expertise we can get,” he said. “There is some crazy shit going on in our industry, and it is awesome to have investors who look at this as a long-term play and not as a short-term, turn-and-burn type of thing.

“They think generationally,” he added.

Mahou also owns a separate 30 percent stake in Founders, which was ranked by the Brewers Association as the 14th largest beer company in the U.S.

According to Avery, the new investment was used to pay down debt incurred when the company spent $30 million to build a 96,000 sq. ft. brewery that is currently capable of producing as much as 150,000 barrels annually.

“Our debt load was very high,” Avery said. “We’ve paid down almost all of our debt, which is a pretty nice feeling.”

According to Avery, the transaction will “free up” cash flow that is needed to invest behind sales and marketing initiatives as the company looks to rebound from its first year of decline in 17 years.

“It was a tough year for us, but this year we are back on the positive side of things,” Avery said.

Midway through 2018, Avery cut 4 percent of its employees, restructured its sales force and added three new departments focused on national accounts, supply chain, and sales analytics.

Moving forward, Avery said the company would work alongside Founders to evaluate synergies, such as cross brewing or shared buying initiatives, but maintain separate sales forces.

“The road map has not been laid out,” Avery said. “It is definitely an evolution and nothing is set in stone. With our industry being as fluid as it is, we will develop a game plan as we move on.”

Nevertheless, in an effort to help offset production declines and maximize the utilization of its capacity, Avery will begin brewing and co-packing Founders’ popular All Day IPA within the next 30 to 45 days.

“The added barrelage is obviously going to do wonders for us, and there is probably an opportunity for additional contract brewing as well,” Avery said. “We will be taking care of the majority of the western half of the U.S. as far as their needs out here.”

Meanwhile, Avery said sales of his company’s own brands are “back in the positive,” and he’s excited to have “unbelievable partners” in Mahou and Founders.

A press release with additional color is below.

Avery Brewing Co. Announces Increased Partnership with Family-Owned Mahou and Founders Brewing Company

Boulder, Colorado, April 2, 2019 – Avery Brewing Co. has announced an expanded partnership with Mahou and Founders Brewing Company, who are now coming on together as 70% majority investors and long-term strategic partners in the brewery.

The objective of this deepening investment is to continue promoting the organic growth of Avery Brewing, strengthening its position in Colorado and expanding its brand presence in the U.S. The three companies will continue to focus investment in areas such as Sales, Marketing, and National Accounts, and will continue to develop a portfolio that combines quality, innovation, and creativity, led by its most emblematic brand: White Rascal.

Adam Avery, founder of Avery Brewing, for his part, says that “this collaboration creates more opportunities to continue our dedication to “Beer First,” our team and growth in our craft. We are convinced that Mahou and Founders Brewing Co are the perfect partners to grow our brands and our presence in the market through a dedicated focus on sales, marketing, national accounts, and Colorado.”

“Avery Brewing Company is one of the original western craft breweries and the Averys have been friends and confidants for several decades,” -said Founders Co-Founder and CEO Mike Stevens- “Our industry needs folks that want to focus on legacy and building multi-generational breweries and Avery’s dedication to quality speaks volumes to what we all as homebrewers once started. We’re proud to be a part of this legacy and look forward to a great future together.”

“This agreement strengthens the development of Mahou’s business in the United States, a market that is leading the craft revolution and which fits in perfectly with our capacity for innovation and passion for beer culture. For us, this operation represents another step that will bring us closer to achieve the leadership of family brewers in the craft and Premium sector at national and international level”, asserts Alberto Rodríguez-Toquero, General Manager of Mahou San Miguel.

About Avery Brewing Co.

A Colorado-based brewery for over 25 years, Avery Brewing has a singular focus on creating the perfect beer. In a world full of discord, their belief is that a singular dedication to something as seemingly simple and inconsequential as beer can transform the world. Avery Brewing exists to pursue the mastery of beer and to reveal its power. Standouts include White Rascal Belgian-Style White Ale, a remarkable selection of IPAs including Maharaja Imperial IPA, and Barrel-Aged 16ers like Vanilla Bean Stout. Discover what great beer can do to your world.

Beer First. The Rest Will Follow.

About Mahou

A 100% Spanish-owned family company and is the category leader in the country with a production share of 34%. It produces from nine breweries, eight in Spain and one in India, four water springs with packaging plants, and a professional team of more than 3,200.

The firm’s history dates back more than 125 years, beginning with the birth of Mahou in 1890. Ever since then the company has continued to grow. In the year 2000, Mahou acquired San Miguel. In 2004 it added the Reina brand from the Canary Islands to its portfolio, followed in 2007 by Cervezas Alhambra. It furthermore diversified its business by purchasing Solán de Cabras in 2011.

Internationalization is one of Mahou’s strategic cornerstones for the development of its business. It produces more than 70% of Spanish beer consumed worldwide and is distributed in over 70 countries

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 10 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. A proud sponsor of chasing the American dream, Founders launched the Chase Your What If campaign in January 2019 to inspire all beer fans to live life to its fullest. Located in downtown Grand Rapids, Michigan, Founders is a member of the Michigan Brewers Guild. For more information, visit or follow Founders on Twitter, Facebook, Instagram, and YouTube.

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