Duvel Moortgat has officially acquired Boulevard Brewing Company of Kansas City, Missouri.
The deal just announced this afternoon, is valued at $100 million. Duvel already owns Brewery Ommegang in New York state.
Boulevard Brewing is ranked 12th among craft brewers in 2012. Their production is close to 185,000 barrels annually. The founder of the brewery John McDonald is now 60 years old, and this is purportedly part of his exit strategy. Beer Street Journal is told that he has been looking for the right entity or group to hand over control.
A quote from John McDonald, brewery founder;
“Since I started Boulevard in 1989, the company’s long-term future has always been top of mind,” said founder and president John McDonald. “I wanted to find a way to take the business to the next level while retaining its essence, its people, its personality—all the characteristics that make our beer and our brewery so important to Kansas City and the Midwest. Duvel Moortgat’s commitment to quality and independence, and their proven record helping breweries fulfill their potential, made this a perfect fit and an easy decision.”
Michel Moortgat, CEO of Duvel:
“Our path for growth became abundantly clear as I got to know John and Boulevard,” said Michel Moortgat, CEO of Duvel Moortgat. “Our companies share the same values. We have great mutual respect for each other’s achievements and maintain a deeply-held belief in exceptional quality as the platform for long-term success. Even as recently as this week I was happy to learn that both Boulevard and Brewery Ommegang won 3 medals at the prestigious Great American Beer Fest. Together, with our combined strengths and our mutual obsession for outstanding beers, I’m convinced that one plus one equals three.”
The sale will be completed by the end of 2013. No employees will be eliminated. The purchase will actually add almost 60 jobs to the brewery workforce.