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Tilray Brands, a US pharmaceutical and FMCG firm, has announced it has acquired eight beer and energy drink brands from multinational brewer AB InBev in a deal worth $85 million.
The acquisition of the Shock Top, Breckenridge Brewery, Blue Point Brewing, 10 Barrel Brewing, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider and HiBall Energy brands includes four production facilities in Oregon, Colorado, and New York, as well as the existing staff, brewpubs, and breweries associated with the brands.
Tilray Brands said the expected sales volume of the acquired brands would elevate it to the fifth largest craft beer business position in the U.S.
Commenting on the deal, Tilray Brands chairman and CEO Irwin Simon said: “Leveraging the deep CPG expertise of Tilray’s leadership team and acquisition integration track record, we intend to drive both revenue and cost synergies, while significantly expanding national distribution to coveted markets across the US and internationally”.
Ty Gilmore, president of US Beer at Tilray Brands added: “With this transaction, our beer business is expected to triple in size from 4 million cases to 12 million cases annually. Looking ahead, we will further capitalise on the potential of these brands through product innovation, retailer partnerships and expanded distribution into key markets, including the Pacific Northwest and California”.
The transaction is expected to close this year.
Source: Tilray Brands
