HEINEKEN Acquires Remaining Stake in Lagunitas Brewing Company
Story by:
MyBeer Buzz
From Heineken:
Amsterdam, 4 May 2017 – Heineken N.V. (‘HEINEKEN’) (EURONEXT: HEIA; OTCQX: HEINY) today announces that it has acquired all the remaining shares in Lagunitas Brewing Company. To maintain the Lagunitas culture and free spirit, the company will continue to operate as an independent entity within HEINEKEN and will report within the HEINEKEN Americas Region.
Tony Magee, the founder of Lagunitas, will remain active as Executive Chairman of the company. Tony will be supported by his current management team. In addition, Tony will take a leading advisory role to HEINEKEN and its Executive Team on the global and local craft strategy.
HEINEKEN has enjoyed a successful partnership with Lagunitas since 2015, when it acquired a 50% stake in the company. Since then Lagunitas has continued to outperform the US beer market, where craft beer now represents about 11% of total volume. Lagunitas is the market leader in the IPA segment, the fastest growing sub-segment within craft, and sold over 1 million hectolitres in 2016. HEINEKEN has helped to expand Lagunitas’ international presence, including entry into new markets such as France, Mexico, Italy and Spain, and extended the brand’s availability in markets including the UK, Canada, Netherlands, Sweden and Japan. Following this transaction HEINEKEN will accelerate the export of Lagunitas to many more markets around the world.
The impact of this acquisition, similar to the proposed acquisitions in Brazil and in the UK, is excluded from the 2017 FY margin guidance. In the current year the impact of acquiring Lagunitas is expected to be slightly margin dilutive.
Commenting on the transaction, Jean-François van Boxmeer, Chairman of the Executive Board & CEO of HEINEKEN said: "Our partnership with Lagunitas has been a great success and today’s announcement marks the next stage of an exciting journey. We look forward to accelerating the roll-out of the Lagunitas brand to many more markets, and sharing Lagunitas craft beer with many more consumers around the world."
Tony Magee, founder and Executive Chairman of Lagunitas, added: "During the 19 months of our partnership we have come to trust and truly believe in each other. Through that we have found ourselves aligned on how to bring the vibe of U.S. craft-brewing to beer lovers everywhere. Only by fully committing to this relationship can we both respond to the historic opportunity that awaits us in all 24 time zones."
The transaction has been completed with immediate effect. Financial terms are not disclosed.
Comments 0
No Readers' Pick yet.