Anheuser-Busch InBev NV on Tuesday said it agreed to acquire Devils Backbone Brewing Co., the latest addition to the beer company’s craft and import brands business.
Financial terms of the deal, expected to close in the second quarter, weren’t disclosed.
Virginia-based Devils Backbone, whose portfolio includes flagship Vienna Lager, Eight Point IPA and Schwartz Bier, joins AB InBev’s High End unit, which includes Four Peaks Brewing Co., Goose Island Beer Co., Blue Point Brewing Co., 10 Barrel Brewing, Elysian Brewing Co. and Golden Road Brewing.
“While we are joining a creative group of craft breweries in the division, Devils Backbone will retain a high level of autonomy,” said Devils Backbone co-founder and chief executive Steve Crandall in prepared remarks.
Mr. Crandall said the brewer’s existing management team plans to stay in place for many years.
Steve and Heidi Crandall opened Devils Backbone Brewing in 2008, “after being inspired by a ski trip to northern Italy in 1991 where they had their first taste of Germanic style beer.” Following the success of Basecamp Brewpub & Meadows in Roseland, they opened the Outpost Brewery & Taproom in Lexington, Va.
AB InBev is in the midst of seeking regulatory approval for its proposed $104.2 billion takeover of rival brewer SABMiller PLC, which would combine the world’s two biggest brewers. Together, the pair sell more than 30% of the world’s beer-including brands like Budweiser, Stella Artois, Grolsch and Pilsner Urquell.
By Anne Steele
Source: Wall Street Journal
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.