San Francisco-based Magnolia Brewing is changing hands once again.
Kirin-owned Lion Little World Beverages acquired the brewery as part of the 2019 acquisition of New Belgium Brewing. In 2017, New Belgium had partnered with Dick Cantwell and Oud Beersel to acquire the brewery for $2.7 million as part of a 2017 bankruptcy process.
Kirin’s U.S. operations, now known as New Belgium Brewing, began planning a divestment of Magnolia in February. The company secured a buyer on August 13.
The new ownership group includes Brandon Phillips of 21st Amendment, neighborhood bar owner Kevin Kynoch and Brian Reccow from consulting firm The Specialistas, who helped guide the brewery through its bankruptcy, the San Francisco Chronicle reported.
In a statement shared with Brewbound, New Belgium confirmed the sale and stated that employees were notified of the sale and a final day of service, which occurred Sunday.
“At this time, the buyer is in the licensing process and will open available staffing positions to current workers once the license is obtained,” the company said.
“We are thankful to the Magnolia Brewing team for their years of hard work, creativity, and innovation. The ownership, pride, and dedication to brewing world-class beer from these teams has resonated within the community and beyond and is a testament to their talent. We’re grateful to the new owners for continuing Magnolia’s legacy and wish them the very best.”
The new ownership group will take over on September 1, and he’s hopeful of retaining the staff, Kynoch told the Chronicle.
Dave McLean founded Magnolia in 1997 and guided the brewery until its 2015 Chapter 11 bankruptcy filing and 2017 acquisition by New Belgium, Oud Beersel and Cantwell.
Fort Collins, Colorado-headquartered New Belgium shuttered its taproom in San Francisco’s Mission Bay neighborhood in February.