Anheuser-Busch plans to purchase Blue Point Brewing Co., one of the nation's top craft brewers with more than 40 beers and sales concentrated along the East Coast. Terms of the agreement were not disclosed.
Blue Point was founded by Mark Burford and Peter Cotter 15 years ago in Patchogue, N.Y., where the brewery will continue to operate. Anheuser-Busch also plans to invest in the brewery to grow its operational capabilities and enhance the consumer experience in the next few years.
"We are deeply grateful to our family of loyal employees and customers. Our success was made possible by the hard work of good people and good beer in Patchogue," said Cotter.
"Together, our talented brewing team and Anheuser-Busch will have the resources to create new and exciting beers and share our portfolio with even more beer lovers," added Burford.
In 2013, Blue Point sold approximately 60,000 barrels, with 50% of the volume from its flagship brand, Toasted Lager. It also sells Hoptical Illusion, Blueberry Ale and seasonal brands.
"As we welcome Blue Point into the Anheuser-Busch family of brands, we look forward to working with Mark and Peter to accelerate the growth of the Blue Point portfolio and expand to new markets, while preserving the heritage and innovation of the brands," said Luiz Edmond, CEO of Anheuser-Busch. "With Anheuser-Busch's strong beer credentials, we share a commitment to offering high-quality beers that excite consumers. Blue Point brands have a strong following and even more potential."
Anheuser-Busch's purchase of Blue Point is expected to close early in the second quarter.
Ippolito Christon & Co. acted as financial advisers to Blue Point. Ettelman & Hochheiser, P.C. acted as legal counsel to Blue Point.