He was looking for a long-term partner and we are going to continue investing in the business. We could see that in John and he saw that in us.
We believe that people and quality of beers are important. We realized that we are both family businesses and share the same values, he said. Moortgat sees it the same way and said hes most excited about continuing to build the Boulevard legacy. With an investor, you get their money and oversight but at the end of the day you end up explaining a lot about brewing. I really wanted to find a partner that could take us in the right direction going forward, McDonald said. McDonald had also been impressed by a presentation he had seen Thorpe give in May on the companys overall luxury branding strategy, setting the table for an approach. craft breweries over the next five years. CEO Simon Thorpe said he was planning a shopping spree of two or three U.S. But over the course of the last year, McDonald, who is 60, took a second look at his succession planning options. Whispers about a Boulevard buyout began to circulate last October when Boulevard founder John McDonald said in an interview that he had engaged in investment discussion with the MillerCoors-owned craft and import division, Tenth and Blake.Īt the time, McDonald stressed that he wasnt interested in selling his brewery. While the pace of investment in craft breweries has been slower than expected for such a fast-growing consumer product category, deals involving Ommegang and Boulevard, the individual brands at the centre of the investment, have been expected for some time. They look at the world globally, but in a local way. I think one of the greatest synergies we have with their company is the idea of new markets. I am going to be a part of a new Boulevard Brewing Company that is partnered up with one of the greatest, most iconic breweries in the world, and that is not a bad thing, McDonald said. Moortgat said, adding that brand representatives might change roles in some markets. No employees will lose their jobs in the merger and the entire sales and management team will grow to about 60, Mr. The combination of Boulevard and Duvel makes us a bigger and more important business partner for our wholesalers, he said. in common, leaving plenty of room for growth. Moortgat said he believes the greatest synergy lies at the intersection of the two companies distribution footprints, which only have 23 states and Washington, D.C. The deal will comprise the first major craft brewery acquisition since Goose Island was purchased by Anheuser-Busch InBev in March 2011, for $38.8 million. holding company his role in the project has yet to be determined. We couldnt have found a better partner and I am really excited about the future.Īs part of the deal, McDonald will receive preferred stock in the new U.S. I have been working on this for a couple years, trying to figure out the right path for the brewery. It was a very interesting morning for me to come into my brewery, see the smokestacks and realize that henceforth, things will be a little different, said John McDonald, who started Boulevard in 1989. In 2012, the company sold a combined 63,200 hectolitres (about 53,800 barrels) in the U.S.
Michel Moortgat, the chief executive officer of Duvel Moortgat, said the acquisition is initially being financed with bank debt that the company plans on reimbursing with cash flow from the parent companys international business.īoulevard, which sold 173,793 barrels of beer in 2012, and Brewery Ommegang, which sold 37,800 hectolitres (approximately 32,200 barrels), will be rolled into a holding company that will also control all of Duvel Moortgats import brands in the U.S. While terms were not disclosed, industry sources have estimated its value as at least $100 million. The deal is expected to close before the end of the year. in a deal that will combine one of the countrys largest craft breweries with the domestic and import branches of a high-end international brewing conglomerate in a separate holding company focused on U.S. will purchase Boulevard Brewing Company of Kansas City, Mo. Belgium & USA: Belgiums Duvel Moortgat acquires Boulevard Brewing Company of Kansas Cityĭuvel Moortgat, the Belgian owners of Brewery Ommegang in Cooperstown, N.Y.
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