Breckenridge Brewery Sold To Anheuser-Busch
LITTLETON, Colo. (CBS4) - As speculation continues over the fate of Northern Colorado's New Belgium Brewery, owners of another Colorado craft brewing company are selling their business to a big beer giant.
Anheuser-Busch is buying craft beer maker Breckenridge Brewery in Littleton. The brewery's new president, Todd Usry, announced the sale Tuesday, though he declined to discuss financial details of the sale, which is expected to be finalized early next year. With the acquisition, Breckenridge Brewery joins The High End, Anheuser-Busch's craft and import brand.
"I'm actually flattered that they came to us and chose us to be part of this collection of great brewers that they have," said Usry.
According to Usry, the deal has been in the works since summer, when the company's other owner-operators decided they wanted to move on. Usry says he was not ready to. He says the sale pumps resources into the company, which was founded in 1990 and allows the brewery to grow.
"I've been guaranteed complete autonomy," Ursy said, "I'm still going to run Breckenridge Brewery the way I always have, no one's leaving, no layoffs, life is going to get better around here for everybody."
In June, the company moved into a new production facility and Farm House restaurant in Littleton. Usry says he plans to increase production from 70,000 barrels of beer this year, to up to 300,000. The company's beers are now sold in 35 states.
Under the terms of the deal, Anheuser-Busch attains the Littleton campus and brewpub in Breckenridge, where the company does most of its research and development on new beers. Breckenridge-Wynkoop will continue to own and operate Ale House at Amato's in Denver, Breckenridge Ale House in Grand Junction, Breckenridge Colorado Craft in Denver, The Cherry Cricket in Denver, Mainline in Fort Collins, Phantom Canyon Brewing Co. in Colorado Springs, and Wynkoop Brewing Company in Denver.
"I say, stick with us, trust us, we'll prove it to you that we're not changing," Usry said.
The announcement of the sale comes just days after reports surfaced claiming employee-owned New Belgium Brewing in Fort Collins is looking for a potential buyer.
Friday, the company released a statement neither confirming or denying the reports: "New Belgium Brewing's Board of Directors has an obligation to have ongoing dialogue with capital markets with the goal of making sure that we remain strong leaders in the craft brewing industry. There is no pending deal at this time."
"They'd be probably foolish not to think about it to some extent," said Troy Johnson, co-owner of Prost Brewing Company, when asked about reports of New Belgium's potential search Friday.
Industry experts say craft brewers hold about 11 percent of the total market, representing a significant slice of beer industry profits - a slice big beer companies seem to be eyeing. Johnson adds that companies' local identities play a large role in drawing beer drinkers to craft brews.
"People do want to buy local," Johnson said, "they want to stay closer to home, kind of like what's going on with the food business. And I mean, this is food."
Lauren DiSpirito is CBS4's Northern Newsroom reporter. Follow her on Twitter @CBS4Lauren. Share your story ideas with her here.
