Spanish brewer Mahou San Miguel is taking a majority stake in Founders Brewing.
In late 2014, it was announced that Mahou would be taking a 30% equity stake in the Grand Rapids-based brewery. Now, Mahou San Miguel is upping that equity stake to 90%.
According to MiBiz.com, papers have been filed documents with the Michigan Liquor Control Board, indicating Spain’s Best Beer Company, an affiliate of Mahou San Miguel would be assuming 90% ownership of Founders Brewing.
The remaining 10% stake will be held by co-founders Mike Stevens and Dave Engbers.
Earlier this year, the same entity took a 70% stake in Colorado’s Avery Brewing.
Founders has now released a statement on the majority purchase, shortly after the news broke:
- Mahou will assume the larger stake in early 2020.
- All shareholders in the brewery will be bought out, except Engbers and Stevens
- Founders states no brewery processes will change with this equity purchase
- There are no plans for Mahou San Miguel to purchase 100% of the company
- No Mahou brands are or will be brewed in Michigan
- The is no intermingling or relationship with Avery, other than shared ownership
If you are wondering “why” Founders sold the additional 60%, this is the only comment Beer Street Journal has the moment:
We decided to partner with Mahou Group in late 2014 to help strengthen the legacy of our brewery; to ensure it would last for generations to come. As Spain’s largest and oldest brewery, Mahou Group values legacy above all else and that value was critical in informing our decision to partner with them. Mahou Group has allowed us to grow and thrive as an autonomous partner and, even with their increased investment, the plan is to continue to allow us to pursue our dreams as we always have.
The brewery states the financial terms of the deal are confidential and will not be disclosed.
An email to Mike Stevens has not been returned.