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Tilray Brands has entered into a definitive agreement to acquire four US craft breweries from Molson Coors Beverage Company.
The deal includes Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing and Atwater Brewery. It will expand Tilray’s portfolio across key beer markets and position Tilray for continued expansion in the beverage industry.
Tilray’s beverages portfolio includes a range of craft beer, spirits and non-alcoholic beverage brands, including SweetWater Brewing Company, Square Mile Cider Company, Beckenbridge Distillery, HiBall Energy, Happy Flower CBD and many more.
The four craft breweries to be added to Tilray’s portfolio are expected to grow Tilray’s beer business to 15 million cases annually, according to the company’s president for North America, Ty Gilmore.
Hop Valley Brewing Company is based in Eugene, Oregon. Founded in 2009, it is known for crafting beers that reflect the flavours of the Pacific Northwest. It includes one brewery and two taprooms, and is currently sold in 12 states with core markets including Oregon, Washington, Idaho, Arizona, Northern California, Nevada, Wisconsin and Minnesota.
Terrapin Beer Company is based in Athens, Georgia. It was established in 2002 with an aim of brewing unique and flavourful beers that ‘push the boundaries of traditional brewing techniques’. It includes one brewery and one taproom and is currently sold in 13 states with 47,000 points of distribution. Core markets include Georgia, Florida, Wisconsin, North Carolina, South Carolina, Tennessee and Alabama.
Revolver Brewing, founded in 2012 and based in Granbury, Texas, produces handcrafted beers using traditional brewing techniques. Its offerings include its flagship Blood & Honey and American Ale. It includes one brewery and one taproom, with 12,000 distribution points across Texas, Oklahoma and Louisiana.
Atwater Brewery is a craft brewery based in Detroit, Michigan, and founded in 1997. Its portfolio includes Dirty Blonde Ale and a range of seasonal offerings. Atwater includes one brewery and three taprooms, and is sold in 10,000 points of distribution across six states including Michigan, Wisconsin, Illinois, Indiana, Ohio and Kentucky.
Irwin D Simon, chairman and CEO of Tilray Brands, said: “Our team’s expertise in operational excellence will enable us to unlock the full potential of these brands and businesses. We are confident in our ability to drive revenue, generate cost synergies, and expand national distribution reinforcing our leadership position in craft beer resulting in tremendous growth opportunities for our global beverage business.”
Molson Coors’ chief commercial officer, Michelle St Jacques, highlighted how the deal will support Molson Coors’ long-term ambitions.
She commented: “Last fall we set a clear portfolio premiumisation ambition, and achieving it is going to require tighter focus on the segments we believe have the highest growth potential for our business. While we love these craft breweries and the people behind them, this move allows us to do exactly that – focus our time, energy and resources behind the initiatives we believe will best help us meaningfully grow our US above premium portfolio in beer and beyond beer.”
Top image: © Molson Coors
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