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Molson Coors division acquires craft brewery
A Michigan craft brewer has agreed to an acquisition by a major beverage company.
Tenth and Blake Beer Company, the U.S. craft division of Molson Coors Beverage Company, recently announced it has entered an agreement to acquire Detroit-based Atwater Brewery, which also has a presence in Grand Rapids.
“Atwater has been a staple and a leader in the Michigan craft community for more than two decades, and we’re thrilled to have them join Tenth and Blake,” said Paul Verdu, vice president of Tenth and Blake. “Our priority is to make sure their beer is enjoyed by consumers throughout their core markets and eventually across the Great Lakes region.”
Atwater Brewery, based in Detroit with a brewery and taproom in Grand Rapids, is known for its traditional, German-style lagers and unique ales.
“The agreement with Tenth and Blake is both the culmination of our past and the catapult to our future,” said Mark Rieth, Atwater Brewery owner. “For Atwater to continue to grow, it will require both capital and brewing expertise. Tenth and Blake brings both, which makes them the ideal strategic partner to help us continue to live our mantra ‘Born in Detroit. Raised Everywhere.’”
Atwater Block Brewery was founded in 1997 in Detroit’s historic Rivertown district.
After investing in the brewery in 2002, Rieth purchased the brewery outright in 2005. The company, which also produces hard seltzers and craft spirits, also operates three taphouses and biergardens in Detroit, Grosse Pointe Park and Grand Rapids.
Atwater Brewery joins other craft brands in the Tenth and Blake portfolio, including the Jacob Leinenkugel Brewing Company, AC Golden Brewing Company, Saint Archer Brewing Company, Terrapin Beer Company, Hop Valley Brewing Company and Revolver Brewing.
The transaction is expected to be complete within the next couple of months. Terms were not disclosed.
Rieth and his management team will continue to lead Atwater's day-to-day operations.
Arlington Capital Advisors served as exclusive financial adviser to Atwater in this transaction.