Sector News

AB InBev to buy Devils Backbone Brewing

April 13, 2016
Food & Drink

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

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