Atwater Brewery Joins Tenth and Blake Beer Company
January 22 2020 - 10:19AM
Business Wire
Tenth and Blake Beer Company, the U.S. craft division of Molson
Coors Beverage Company (NYSE: TAP, TSX: TPX), announced today an
agreement to acquire Detroit-based Atwater Brewery. Atwater Brewery
is highly regarded in the Michigan craft beer community 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.'"
Founded in 1997, Atwater Block Brewery revived Detroit's proud
brewing tradition from its location in the historic Rivertown
district. After investing in the brewery in 2002, Mark Rieth
purchased the brewery outright in 2005, setting off several years
of booming growth. Led by top-selling beers Dirty Blonde and
Vanilla Java Porter, Atwater became a cornerstone of Michigan’s
brewing scene. Other brands, such as Better Life Choices (an
American IPA that was named a top-10 IPA by Beer Connoisseur
magazine), and Decadent Dark Chocolate (which won bronze in the
World Beer Cup), augment Atwater’s portfolio.
The brewer, which also produces hard seltzers and craft spirits,
also operates three unique taphouse and biergarden locations in
Detroit, Grosse Pointe Park and 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 joins other leading crafts 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.
Tenth and Blake has a proven track record of success, with the
organization’s regional crafts posting volume growth of more than
16% in 2019, while the overall craft segment was just above
flat.
This is the latest example of Molson Coors Beverage Company
executing its revitalization plan, which was launched in October
2019 to generate savings that are being reinvested across its
entire portfolio. Since announcing the plan, the company has
expanded its ability to innovate in the non-alcohol space by taking
a stake in beverage incubator L.A. Libations; announced it will air
ads during the pro football championship for the first time in
years; and launched new creative campaigns for a broad range of its
brands.
The transaction is expected to be completed 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 advisor to Atwater in this transaction.
About Molson Coors Beverage Company
Molson Coors Beverage Company has defined brewing greatness for
more than two centuries. As one of the largest global brewers,
Molson Coors works to deliver extraordinary brands that delight the
world’s beer drinkers. From Coors Light, Coors Banquet, Miller
Lite, Molson Canadian, Carling, Staropramen and Sharp’s Doom Bar to
Leinenkugel’s Summer Shandy, Blue Moon Belgian White, Hop Valley,
Creemore Springs and Crispin Cider, Molson Coors offers a beer for
every beer lover.
Molson Coors is not only committed to brewing extraordinary
beers, but also running a business focused on respect for its
employees, communities and drinkers, which means corporate
responsibility and accountability right from the start. It has been
listed on the Dow Jones Sustainability North America Index for the
past eight years. To learn more about Molson Coors Beverage
Company, visit molsoncoors.com, ourbeerprint.com or on Twitter
through @MolsonCoors.
FORWARD-LOOKING STATEMENTS:
This press release includes “forward-looking statements” within
the meaning of the U.S. federal securities laws. Generally, the
words “believe,” “expect,” “intend,” “anticipate,” “project,”
“will,” “outlook,” and similar expressions identify forward-looking
statements, which generally are not historic in nature. Statements
that refer to projections of our future financial performance, our
anticipated growth and trends in our businesses, and other
characterizations of future events or circumstances are
forward-looking statements. Although Molson Coors believes that the
assumptions upon which its forward-looking statements are based are
reasonable, it can give no assurance that these assumptions will
prove to be correct. Important factors that could cause actual
results to differ materially from Molson Coors’s historical
experience, and present projections and expectations are disclosed
in Molson Coors’s filings with the Securities and Exchange
Commission (“SEC”). These factors include, among others, the impact
of increased competition resulting from further consolidation of
brewers, competitive pricing and product pressures; health of the
beer industry and our brands in our markets; economic conditions in
our markets; impairment charges; our ability to maintain
manufacturer/distribution agreements; changes in our supply chain
system; availability or increase in the cost of packaging
materials; changes in legal and regulatory requirements, including
the regulation of distribution systems; increase in the cost of
commodities used in the business; the impact of climate change and
the availability and quality of water; our ability to successfully
integrate newly acquired businesses; pension plan and other
post-retirement benefit costs; failure to comply with debt
covenants or deterioration in our credit rating; our ability to
maintain good labor relations; our ability to maintain brand image,
reputation and product quality; and other risks discussed in our
filings with the SEC, including our most recent Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q. All
forward-looking statements in this press release are expressly
qualified by such cautionary statements and by reference to the
underlying assumptions. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. We do not undertake to update forward-looking statements,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200122005548/en/
Marty Maloney Molson Coors Beverage Company 312-496-5669
martin.maloney@millercoors.com Patrick Liebler Atwater Brewery
248-229-4418 pat@lieblergroup.com
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