Fast-growing non-alcoholic beer maker Athletic Brewing’s valuation is at just under $500 million, according to a Forbes profile released today.
Keurig Dr Pepper’s investment of $50 million for a minority stake in Athletic was based on the valuation at under $500 million, the outlet reported, citing “sources close to the deal.”
Forbes called the just shy of $500 million valuation “a heady” one of “about eight times revenues in an industry where low-single digits are the norm.”
In the profile, celebrity chef and Athletic investor David Chang credits the brand with “breaking the stereotype” that non-alcoholic beer tastes bad, and “it’s gaining momentum.”
Supermodel and Athletic investor Karlie Kloss told Forbes she tried Athletic while pregnant.
“There’s so much room for growth, especially with women – not just those pregnant or nursing but those looking for healthy alternatives.”
Notable numbers from the story:
- Athletic accounted for 20% of all U.S. non-alcoholic beer sales in 2022;
- Athletic’s two breweries in San Diego and Connecticut combined will have an annual maximum capacity of 650,000 barrels;
- Athletic is sold in around 10,000 restaurants and bars;
- Athletic is in 15% of U.S. retailers licensed to sell beer.
Athletic co-founder and CEO Bill Shufelt told Forbes that he sees an opportunity to sell his company’s offerings in convenience stores, coffee shops, delis, pharmacies and vending machines.
During this past “Dry January,” non-alcoholic beer’s off-premise dollar sales increased +34.2% and volume +20.1% in multi-outlet and convenience stores tracked by market research firm IRI.
Through January 29, Athletic Brewing cracked IRI’s top 25 list of beer category vendors, with more than $3.6 million in off-premise dollar sales (+147.3%) and volume also up triple digits (+137%). The majority of those sales (more than $3 million) were in the grocery channel, where Athletic was the 20th best-selling beer category vendor, led by Run Wild IPA (+93.7% dollars, +84.7% volume).