Duvel Moortgat USA has agreed to acquire Stone Brewing from Sapporo Holdings. The deal is expected to close in summer 2026. Financial terms were not disclosed.
Stone Brewing is changing hands again. Four years after their last sale, the San Diego-area brewery is moving to a new owner, and this time it looks to actually put the “craft” back in the brewery.
Stone Brewing was founded in 1996 by Greg Koch and Steve Wagner in Southern California. Koch in particular was always preaching about independence, especially when it came to craft beer. Stone’s beers matched the attitude. Arrogant Bastard wasn’t just a beer name. It was a position statement. Stone’s entire brand identity was independence, “don’t drink cheap yellow fizzy beer”, and never sell out.
Then came 2022.
In June of that year, Stone announced it was being acquired by Sapporo U.S.A., the American arm of Japan’s Sapporo Breweries. The deal closed by late summer for approximately $165 to $168 million. Koch and Wagner stepped down as part of the transaction.
The Sapporo Chapter didn’t go as planned
Sapporo’s strategy for Stone was straightforward on paper. They weren’t buying Stone for its IPAs. They were buying two breweries – the flagship in Escondido, California and the production facility in Richmond, Virginia – and the brewing capacity that came with them.
It’s almost insane to think this “fusion of cultures” that was Sapporo-Stone Brewing is already over. The Japanese giant poured $60 million into expansions at the Escondido, California, and Richmond, Virginia, facilities. Capacities were pushed to 700,000 barrels, and Sapporo was being produced stateside.
In January 2025 Sapporo recorded a $91 million impairment charge on the goodwill from the deal – essentially admitting the brand hadn’t delivered the returns projected. The success this deal was supposed to be still didn’t make sense has we sit here drinking in 2026.
The Belgians take over
Now, Sapporo has announced it is selling Stone’s brand, IP, and hospitality assets to Duvel Moortgat USA, with production shifting away from Richmond and eventually Escondido.
Duvel Moortgat is well known in the beer world. Besides the famed Duvel beer itself, Duvel Moortgat owns Boulevard Brewing in Kansas City, Brewery Ommegang in Cooperstown, and probably most famously stateside -Firestone Walker, acquired in 2015.
This could be a good turning point for Stone. Firestone Walker is one of the most respected craft breweries in the country. Great beer, loyal following, strong identity. Firestone Walker was already great before 2015, and only gotten better since joining team Duvel. The same can be said for Boulevard and Ommegang.
Duvel is in it for great beer. Sapporo was in it for production space and stateside numbers. It should have been this way all along.
