Brooklyn Brewery announced on Wednesday that it will sell a 24.5 percent stake to Japanese brewer Kirin Holdings. The joint venture will be 60 percent owned by Kirin and 40 percent by Brooklyn Brewery. The terms state that “both companies will work to make beer more appealing and further energize the craft beer market in Japan and Brazil.”
According to the Brewers Association, Brooklyn Brewery is the 12th highest craft brewer by volume in the United States. The company was started by Steve Hindy and Tom Potter in 1987. The brewer’s products are sold in 26 states and produced 277,000 barrels of beer last year.
Brooklyn Brewery took to their blog on Wednesday to share the news of their deal with Kirin Holdings. President Robin Ottaway writes:
“Earlier today in Japan, we announced that Kirin Brewery will be making a minority equity investment in Brooklyn Brewery. It was clear to me that Kirin understood and respected craft beer and the way it could elevate all beer. We intend to continue our global expansion and affirm our position as a leading global craft brewer.”
The Brewer’s Association states that a craft brewery can continue to be independently owned and operated as long as minority control is less than 25 percent, which was an important detail for Brooklyn Brewery. The terms of the agreement with Kirin also note that Brooklyn Brewery will remain an independent craft beer brewer. No changes to the current management are planned.
With their new resources, the company plans to continue reinvesting in the brewery. They are currently in the process of building a new global headquarters in the Brooklyn Navy Yard, according to their blog. The location will have a 600-person capacity rooftop beer garden. As for Kirin Holdings, they plan to introduce the Brooklyn brand to Japan in January 2017.
Featured Image via Flickr/shinyasuzuki